Skip to comments.Cyprus parliament rejects haircut bill
Posted on 03/19/2013 11:40:40 AM PDT by abb
Cyprus parliament rejects haircut bill
The Cypriot House of Representatives rejected overwhelmingly on Tuesday the bill that would have inflicted a haircut on bank accounts.
There were 36 No votes and not a single Yes vote, as the 19 deputies of ruling Democratic Rally (DISY) who were present abstained, while another one of them was absent.
Cyprus speaker Yiannakis Omirou urged MPs to say «no to blackmail» as angry crowds also called for a «No» vote outside Parliament and held up signs warning that other financially crippled European nations like Italy and Spain could be next in line.
"There can only be one answer: no to blackmail,» Omirou, of the socialist EDEK party told deputies who met in emergency session.
"Our demand must be that this deal must be renegotiated. If we pass this tax there will be no foreign investor who will keep their money here,» he warned.
"There is no doubt, this is the most crucial session of our parliament. There is unrest among the people and they deserve an answer,» EDEK MP George Varnavas told the assembly.
DISY had unanimously decided not to take part in the vote because «it will strengthen the bargaining position of the Republic of Cyprus,» party member Nicos Tornaritis told Sigma TV.
But DISY coalition partner Marios Karoyian of DIKO said the rescue package must be «rejected».
"This is blackmail and DIKO proposes the bill is rejected, but yes to an adjustment programme... We want a European rescue, not European destruction,» he told fellow MPs.
George Perdikes of the Green party told parliament: «There is now a creditocracy where countries lose their sovereignty for an illegal loan agreement that is supposedly good for them but kills growth."
European Party MP Demetris Syllouris charged that the bailout terms were designed to destroy the banking sector in Cyprus that had been flourishing for decades, and especially hit Russian investments.
"Our lenders came not to support us, they wanted to annihilate the pillar of our economy which is the service sector ... They (Germany) must find another way to resolve their differences with Russia,» he said.
Many Cypriots blame Germany for leading the crippling demands imposed in return for the bailout, in a bid to punish Russia, where investors have placed vast amounts of cash in the island's banks.
"Why are the foreigners to blame, we won't accept it, we would rather take the hit 100 percent on our wages and pensions rather than on those who supported us,» said Syllouris.
Thousands of protesters lined the streets leading to the parliament building in Nicosia, many of them waving Russian flags, an AFP reporter said.
They held up banners that read «Hands off Cyprus» and the crowds chanted: «It will not pass,» referring to the rescue package.
Many also carried signs written in Italian and in Spanish saying that both financially-crippled countries could be next in line to face a similar painful rescue deal.
«Today it's me. Tomorrow it's you,» the signs read.
[Kathimerini English Edition & AFP]
Good for them. But this just highlights the fatal flaw of the EU monetary union. It cannot survive.
Cypriot lawmakers reject deposit seizure bill
It's all falling into place for Cyprus to become a Russian satellite.
Ask a leftist
So... do you think the government would be more or less likely to try this here if they confiscated all firearms first?
As opposed to being a German one.
It’s strange being on the side of the former Warsaw Pact vs Nato in the coming proxy war.
I believe it’s all been organized by the Russians over the past few years with one goal in mind...to build a Navy in Cyprus.
s/b to build a Navy base in Cyprus.
Talk about jumping out of the pan and into the fire..
But, just for the record, who was going to receive the stolen funds?
Possible answers: The Banks, The Government. FreeRepublic.com
The thing is, it wouldn’t be like before. I think the Russians would actually be an improvement.
And don’t think the Russians don’t have ultimate motives for their Orthodox brethren in Greece.
That’s an interesting thought, although I doubt the Russians forced the Germans to demand a % of deposits.
The whole Euro is a scam propped up by Germany so they can keep their export markets viable.
does the gov’t have to resign?
I think they knew there would be some kind of fiscal crisis, that would allow them to swoop in and play the role of “savior”........for a price, of course.
They are playing Chess, while everyone else is playing Checkers.
Don’t forget what Cyrus was part of Russia empire at one time under Tsar rule I THINK SO
Also considering that their only Mediterranean base in Syria is in some jeopardy, they are pretty anxious to find another location.
It makes a kind of sense for the bankrupt southern EU countries to cash in their euros before they’re worthless. I can also imagine local Cypriots desiring some of Putin’s anti-muslim policies.
This seems to be a popular viewpoint, but what would they base there? At one of the last exercises in the Black Sea most of the ships couldn't even get out of port! I could understand this if they were shipbuilding at a phenomenal rate, trying to make a comeback in the world, etc.,, but their armed forces are but a shadow of their former selves.
Actually, Cyprus was never under the Russian Empire.
You might be thinking of the Ottoman Empire.
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