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Cyprus and the Eurozone: Update

Posted by Joseph Trevisani on Mar 19, 2013 5:58:00 PM

The Cyprus Parliament rejected the bank bailout plan from the its European partners and its proposed tax on bank depositors during New York trading hours . The vote was 36 against and 19 abstentions in the single-house Parliament. There were no yes votes. The abstentions were from the ruling conservative party of Nicos Anastasiades.

The European Central Bank said it would provide liquidity to the country's banking system under current rules. Cyprus legislative leaders will meet privately Wednesday morning, with Parliament meeting Thursday.

Cypriot banks are set to reopen Thursday. They have been ordered closed until then by the government which fears a deposit run.

 

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