Quote: A number of members of Cyprus's parliament have told CNBC that the legislation to tax bank deposits is unlikely to pass, a move that could potentially put the country into default.
Parliament is due to convene at 4 p.m. London time and several parties have said they will reject the levy. No single party has a majority in the 56-member chamber to push through the vote.
Quote:Cyprus's parliament overwhelmingly rejected a tax on bank deposits as a condition of an international bailout.
Thirty-six members of the 56-seat parliament voted against the measure, while 19 abstained. Parliament will resume their deliberations on Thursday.
Meanwhile a government source told CNBC that the country's finance minister Michael Sarris had tendered his resignation. The source said his resignation had not been accepted by Cyprus's president.
Quote All is not lost, there are a few last ditch attempts that could pull the island-nation back from the brink of bankruptcy:
1. The EU could re-negotiate a bailout with less onerous terms, which would then stand a better chance of being passed by the Cypriot government. The bank levy would have to be dropped, however it was only ever going to raise EUR 5 billion, small potatoes in Eurozone bailout terms…
2, The Cypriot finance minister has travelled to Russia (amid rumours of his resignation, since denied) accompanied by the country’s energy minister. This could be to strike a deal with Moscow to receive cash in return for Russian access to Cypriot gas reserves. Apparently, Russian gas giant Rosneft has even declared its interest in funding Cyprus in return for licences to its gas fields.
While Russian money could help Cyprus to avoid bankruptcy, it could be the nail in the coffin for Nicosia’s relationship with the rest of the EU. The next few days are unchartered territory for the currency bloc – a potential bailout funded by a foreign country, especially Russia, throws the whole currency bloc into jeopardy. What next – Brazil bails out Spain, New York chips in to save Italy?
Stock up on beer and popcorn folks
Without a doubt. The Global Game of Three Card Monty is about to get busted.
Perhaps they want to try and grab the savings before people wise up and take their money out before their gov thinks it's a good idea. Be a helluva way to bring down the world economy
Cyprus has LNG lots of it. They are also to Russia what Switzerland is to the US.
Cyprus bailout is a measly $10b chump change to the IMF so why the threats to take personal savings? Greece cost $400b and is worse than ever, Italy, an anticipated $1 trillion. $10 billion? Fer real?
So who gets what.
Russia gets control of Cyprus banks, direct development of LNG fields, and a W Med port to match their E one in Syria (Tartus?) Oh and a deadlock on another important EU LNG supplier.
The IMF get 20 - 30% of the Russian Oligarch deposits in Cyprus (estimated at $5 trillion)
Cyprus gets Corzined for $10 billion. Now. Who's next
As Cyprus seeks an international financial bailout as part of Europe's debt crisis, natural gas is its trump card.
The value of the 7 tcf reported by Noble alone amounts to $80 billion at present prices, and the potential profit overall ultimately could dwarf Cyprus's 17.5 billion euro economy.
Did Russia just buy Cyprus from the EU/IMF? That is not a happy thought.
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