Follow The Cyprus Bailout Vote: Live Webcast From Parliament
With the Cypriot parliament currently going through the motions and debating the proposed deposit levy tax, it appears that the vote which is due in a few minutes, will not pass as 4 of the 6 parties have declared they are against its passage, and even the ruling DISY party is now set to abstain from the vote, barring some last minute miracle. As such the purpose of the vote, which was purposefully not delayed until tomorrow, is a theatrical slap in the face of the Eurozone, as Cyprus calls Merkel's gambit, demanding equal treatment with all the other bailed out Eurozone members, and rightfully so. What happens next is unclear: the Troika has made it well known the deposit levy is the only option to preserve the stability of the local financial system, and only after the €5.8 billion deposit tax levy confiscation passes, will the ECB step in with emergency liquidity assistance. Should the government vote down the European olive branch, all bets are off. There is no Plan B.
Follow the vote live below courtesy of Sigma live.
If the link above does not work, use this one.
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I was agin' it befur i wuz 'fer' it!
There will not be a single vote in favor.
Anyone votes in favor is a dead man walking.
Anyone votes against may also be a dead man walking......... Now thats a REAL Catch-22
Yes, the whole Cypriot government will soon be raising a glass of bitter in Birmingham.
Will never pass in its current form.... JMHO
pull an Obama, vote present. No catch 22.
There is a Plan B. Kiss up to the Russians and tell Bernanke to kiss our Cypriot arses.
Anyone holding a seat in the Cypriot government may be a dead man walking.
Serioulsy, things could go very badly very quickly. Especially if the banks never open or if they never surrender deposits back to customers. Both of which outcomes are very much on the table right now.
They should have tried giving away towels first...
No wonder the finance minister tried to resign!
Heard on Bloomberg TV about an hour ago that he is on a flight to Moscow. That was probably the reason he tried to resign. Odds on his returning in one piece might be slim.
He'll be coming back with money, and contracts for energy developement, and plans for a new super Russian naval base.
Or a Cuban necktie.
Perhaps, as a negotiating ploy, they'll give him that choice..., but I think I know which option he'll choose.
This could be a lesson and warning to rest of the politicians in the EU.
Correction: I was never 'fer' it, but I can't promise I didn't not vote again' it. And even if I did, I dun' changed my mind & *firmly* agin' it!
Obama: I vote "present"
Scuze me while I go choom
glad to see there are still some people with balls in Europe.
Wait till the vote's over to say that.
Oy vey, bItCHeZ!
AAAAAAAAAAAAAAND IT'S gone, all gone, please move along sir this line is for people who have money with the bank.
Thanks, Kyle.
It's all Greek to me. Or is it Russian?
<I thought it was German.....but what do I know?>
Here's a plan
First, leave all deposits under €100,000 untouched. Hitting those deposits was by far the biggest mistake of the Cyprus plan as originally envisaged, and everybody would be extremely happy if guaranteed depositors could be kept whole.
Second, term out everybody else by five years, or ten if they prefer.
That's it! That's the whole plan, and it's kinda genius. If you have bank deposits of more than €100,000, they will be converted into bank CDs, with a maturity of either five years or 10 years - your choice. If you pick the longer maturity, then your CD will be secured by future Cypriot gas revenues, which could amount to hundreds of billions of dollars.
And if you have sovereign bonds, they too will be termed out by five years, giving Cyprus a bit of breathing room to get its act together.
http://seekingalpha.com/article/1285121-a-much-better-alternative-for-cy...
Regardless of the "plan" who in their right mind would leave any money in these banks after they were given access, even if it was just to the first 100k?
Any plan they come up with depends upon the majority of the depositors keeping their money in the bank after this is over and done with. Other than keeping enough cash in the accounts to pay one or two months of bills, why would anyone keep the rest in these banks when all they will get for it will be pennies of interest on the hundreds of dollars and a lot of nights of worried sleep?
Amen! Fool me once......Fool me twice....... Id be sitting at the door with my bedroll now!
... bedroll with a section of iron pipe rolled up inside, just in case they decide not to open at all.
So Plan B is theft, also? Just on a longer timeline? Bullshit.
If I take you stuff and convert it to something you have not asked for without your permission, even something of value, it is still theft.
Great fucking idea.
That's the equivalent of saying I'm going to steal your car now but, don't worry, in five or ten years I'll give you a better car.
Fuck you, thief.
The guy in the back has a fat face.
Ladies and gentlemen, you are about to witness the collapse of Euro
Nah. maybe a end of the beginning or the beginning of the end of the beginning but, but, surely they didn't think the KGB is gonna take this lying down, whom I believe is why all those that want to live are looking a little crazy. Maybe some tatooed crewcut guy is home with their family.
And later the world, one nation at a time. long PM, guns, and grub
"all bets are off. There is no Plan B."
According to sources sourced at RANSquawk, Plan B is a disorderly default.
Not much. But it's still a plan.
CDS trigger bitchez!
Quickly, power up the GS teknokrat helicopter. Who do we have in the Greek lodge looking for a job?
Instead of "nay", can my vote be "EAT A DICK YOU FUCKING THIEVES."?
But they'll register that as a "Yea".
All this shit over the 6 billion that they were apart. lol
Yea, they could have done a ctrl little "p" for that. Our crooks/former senators steal that much.
wow he looks crazy
Wait, did they exempt the members of the Cypriot parliament from the tax? Shit, we forgot to exempt the members of parliament. Somebody's got to go back and rewrite that into the manifesto. How in the hell did we forget the bribe in this day and age?
One of a bunch of posts on this show stated that all government employees were exempt. Which, is fair as fair "is".
It's ok. It's a tax-deductible business expense. Just file a claim for 200% reimbursement.
Cyprus is the tip of the Euroman's finger who is about to die of frostbite. First the perifery turns black.
Olive branch? More like red hot poker up the derriere
Yeah that's great but I don't speak fecking Greek.
Damn, stop hammering the stream, bitchez - bandwidth at capacity.
Ananastastasie ..... No Aanannastastassie....YesNoyesnono no fuckin way.
From the blog of a Brit living in Cyprus:
"- other Eurozone countries are going to be worried, and if this tax is legal it's going to make a lot of people give up on banks, or withdraw all their savings, which - I would have thought - would make it still worse. "
http://cypruslife.blogspot.co.uk/2013/03/levy-on-savings-in-cyprus-banks...(This+is+Cyprus...)
I don't understand the reference to "legal". What does "legal" mean?