Cyprus still not a done deal, the pollies will vote on it now.

southerncross · Apr 17, 2013

From Zero hedge:

Cyprus Parliament To Vote On Bail-out After All: Fire And Brimstone Threats Begin
Tyler Durden's picture
Submitted by Tyler Durden on 04/17/2013 09:49 -0400

When the final "bailout" structure of the Cypriot deposit-confiscatory bail-in was revealed in late March, the implied victory for the Troika (which has since notched up its demands for the insolvent country to now sell its 14 tons of gold) was that instead of the deposit haircut passing as a tax, and thus needing a parliament ratification, it would come in the form of a bank resolution, with Laiki bank liquidating and being subsumed by the remaining Bank of Cyprus, and with uninsured depositors in both banks ending up crushed. However, as previously reported, in the interim period deposit outflows have continued and accelerated despite the assorted ineffective "capital controls" which has led to additional underfunding for the local banks, and to a second bailout of Cyprus, this one rising to 23 billion or a 35% increase from the original, as part of which the Troika has demanded that Cyprus sell their gold in the open market. Now, a month later, it appears that the Troika's initial victory may have been a Pyrrhic one, as yesterday the Cypriot attorney general announced, and today the government's spokesman confirmed, that the parliament will have to ratify the 23 billion bailout of the tiny island nation after all, thereby refocusing the popular anger from some ephemeral technocrat in Europe to the country's own elected representatives, thereby changing the calculus of the Cypriot decision by 180 degrees.
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SNIP

http://www.zerohedge.com/news/2013-...ut-after-all-fire-and-brimstone-threats-begin

thatguy · Apr 17, 2013

lol vote... like it's some kind of democracy

pmbug · Apr 17, 2013

The troika finds your lack of faith .... disturbing.

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Cyprus still not a done deal, the pollies will vote on it now.

southerncross Well-Known Member Silver Stacker

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Cyprus still not a done deal, the pollies will vote on it now.

southerncross Well-Known Member Silver Stacker

thatguy Active Member

pmbug Active Member

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