Cyprus Now Set To Vote Against Bailout, Ruling Party To Abstain Guaranteeing Failure To Ratify "Bail-In"

Tyler Durden's picture

It appears that Cyprus is now ready to escalate, following news now coming fast and furious, that the Parliament will go ahead and vote after all, but not in a good way as even the Cypriot ruling party, formerly the only party willing to vote Yes on the Bail-In, would abstain according to Dow Jones, which means there is no support at all in the Cypriot parliament for the deposit haircut proposal.

We can only pray that Bob Pisani explains what happens next because neither we, nor anyone else, has any idea what comes now.

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Ghordius's picture

... and you remembered that the former Crown Colony of Cyprus left the British Empire in 1960

wharfdaddy's picture

Kommans sie here mach schell mit der hosen.. Oh as my Occupy-er Daddy used to say "Get over here with your pants in your hand so that I can throw a Fuck in ya."

 

Alex Kintner's picture

A simple solution: Put Nicos's head in a stock on the town green. Let the savers stone him with pennies. Collect the pennies and pay off the Russians.

That and.. Release the Kraken!

Element's picture

 

 

" ... because neither we, nor anyone else, has any idea what comes now."

That's what I was thinking about 18 hours ago.  All I could come up with was Germany must open a back-channel to reimburse all deposits to you know who, and try to smooth it all over to stymie contagion meltdown as best they can.

It's probably too late.

Quinvarius's picture

I don't think a back channel is going to do it.  They need to roll in there on a flash of lightning with drums and cannons blazing announcing the glory of printfest has begun for all of Euroland.  They are TOAST.

Element's picture

Yup, that back-channel option has expired, the situation is too fluid.

So we are back to what really happens now?

falak pema's picture

the Cypriot high command in government is burning its bridges with EU, which means they have only one option : handing the keys of CYprus to their Ruski investors...bail us out on your terms.

Merkel has openly said : Cyprus is not systemic for EU; implying that the Ruski connection was unacceptable to EU financial stability as the hot money was flowing in fast n furious from Cyprus to EU, making speculation a destabilising factor.

So from their point of view its good riddence, Cyprus; if they opt out from Euro zone or if they negotiate a deal with Russia and stay in Euro zone.

This second solution will be hilarious; the same Cyprus guys can then thumb their noses at Mutti and say we showed the world there is life after a Merkel Nein, Nein... what did you put in your wine?

Venus's elixir of lust for life mixed with Gazprom's bubbly stuff?

I hope the Ruski God doesn't ditch Venus in her naked despair once he finds he has no interest in her Poseidon's lair.

Schmuck Raker's picture

"Merkel has openly said : Cyprus is not systemic for EU"

Clearly that is the lie.

The Eurocraps are desperate for ALL countries to remain IN the EU/EZ.

Quinvarius's picture

She probably didn't think Lehman was systemic either.  These people just don't understand how leveraged and interconnected banking is.

MS7's picture

True. Also its location near the Middle East makes it of huge strategic importance to Nato.

Bingfa's picture

Their getting the big players out right now....

And they have to get their Bullshit stories strait...

Quinvarius's picture

What happens now is those banks never open again. Soon to be followed by anyone they owed money. And so on.

gwar5's picture

Sinclair upped his ante on the Russian Cyprus deposit meme. Says 10% is more like a haircut of $500 Billion for the Ruskies, implying $5 Trillion in deposits in Cyprus.

 

Says vast majority of Russian deposits are treated as state secrets and the real amount of deposits is immense. If true, Russians could buy the island for a relative paltry amount and get the naval base and the gas deposits, giving middle finger to Brussels.

No doubt the troika knew all this. Says Russians will have to move to gold much sooner instead of dancing around with the Western banks.

Anonymous peon's picture

"but not in a good way" ????? As though voting for it would be good.

 

When the solution is as fatal as the problem, you know you have waited too long, you are past the point of no return.

jal's picture

 

We should know by the weekend

 

 ... no liabilities (deposits)

 

AND

 

lots and lots of loans, (leveraged), on the books to supply a revenue stream.

 

hummm ...

 

this does not sound right.

Where is the other half of the story.


Haaaa, light bulb came on, Russian banks will accept transfer of deposits in exchange for a transfer of equivalent amount of "loan book"

 

Cone of Uncertainty's picture

I would love to see a 10-sigma event occur at the normal 3:30pm ramp time.

 

Bingfa's picture

Must clear Thursday on my calendar...

This is going to be killer....

rubearish10's picture

We most likley will not hear any mention of Cyprus tomorrow from Uncle Bernank (God forbid!) but we will here the phrasing, "Swap Lines Open". Isn't that least he could do? Yup!

Exile on Mainstreet's picture

Get back to work, all of you!

gwar5's picture

I refuse the use the sanitized Bail in euphemism. It's illegal as hell and it's theft.

shovelhead's picture

Brussels caves.

Bennie swaps.

Russians drink vodka and laugh in the sun.

Nobody gets a Matryoska Doll bomb.

Easy way out. Kick the can Euro Style.

All fixed. Again.

 

King Solomon's mine's picture

Beware the ides of march

hawk nation's picture

PROSPERITY if they leave the euro and decide to develop the free market principals the USA once had
There is so much money on the sidelines looking for an honest country to call home

web bot's picture

This and the Euro are finished due to a corrupt financial system, unsupported by nationalism and history.

What a mess...

NoWayJose's picture

The big global fear is that Cyprus pulls 'an Iceland' and ends up better off than Ireland, Greece or Portugal.

Crazed Weevil's picture

I love this...it's like the crew of the Titanic arguing with each over which side of the ship they should hit the iceberg with 

AynRandFan's picture

Iceland was the only country so far that has rejected EU control.  Maybe Cyprus will be next.

Antifederalist's picture

What a goatfuck.  These Eurocrats may have finally gone one step too far.

Get the popcorn, THIS IS GREAT!

 

Debugas's picture

Cyprus for sale between Russian and Germany