Cyprus Parliament Delays Bailout Vote, Bank Holiday Extended to Tues, President Warns Banks Will Collapse if Not Passed

gold repatriationIn his interview with The Doc last week, Jim Willie stated that THE COLLAPSE IS ON OUR DOORSTEP! and made the case that the great financial reset will begin with a small trigger in Europe.
The Cypriot depositor haircut to bailout the Cypriot banking system is beginning to look like it could be just that trigger, as the situation has turned from bad to worse.

With the general public in an uproar, the ratification vote by the Cypriot Parliament on the depositor haircut/ daylight robbery has been delayed until 4pm local time Monday as the vote reportedly had lost sufficient support to pass!  Ahead of today’s scheduled vote, the plan was 9 votes short in a 56 seat legislature!
In response, Cypriot President Nicos Anastasiades threatened that if the depositor haircut is not passed, the entire Cypriot banking system will collapse, and former Central Bank President Afxentis Afxentiou claimed that if the bill is not passed, Cyprus opens the road to chaos, and that Cyprus will turn into Libya!

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As Bloomberg reports, the Cypriot depositor haircut plan is at least 9 votes short in a 56 seat legislature!

With his Disy party holding 20 seats in the 56-seat legislature, he needs at least nine more votes to secure approval and avoid the financial collapse of the region’s third- smallest economy. If he doesn’t get backing for the plan, the banks may stay shut starting March 19, state-run Cyprus Broadcasting Corp. said. Tomorrow is a bank holiday in Cyprus.


“If tomorrow Cyprus’s Parliament rejects the bill, Cyprus opens the road to chaos,” said Afxentis Afxentiou, who was governor of the Central Bank of Cyprus from 1982 until 2002, said on CYBC. If the bill is rejected, “Cyprus will turn into Libya. Even with the pain, we need to follow a normal course, with hope we’ll see better days.”



The problem is that even if enough arms can be twisted by 4pm Monday, the European markets open in 16 hours, with no official agreement in place regarding the Cypriot bailout, and the rest of the southern Eurozone’s population likely headed to their local bank to empty their account first thing Monday am.

*Update: The Cyprus Mail reports today that funds will be cut from depositors accounts prior to the reopening of banks on Tuesday, apparently regardless of the approval by the Cypriot Parliament?


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