We are witnessing historic times. What we are witnessing is the slow death of the European Project. We are in a situation that some European governments are essentially taking actions that are telling citizens of other member states that they are not equal under the law."

"What we have seen in the last few days is a very serious blunder by European governments that are essentially blackmailing the government of Cyprus to confiscate the money that belongs rightfully to depositors in the banking sector in Cyprus. It is not clear how this can affect in a positive matter the European project going forward.

MNI is reporting that Cyprus’ finance minister has submitted his resignation, citing sources. The Greek press reports that he has been forced to quit.

Euro back to the lows of the day but bids ahead of 1.2900 are still holding.

There are reports on Twitter that the Cyprus finance minister has resigned. They are being attributed to Markets News International. MarketWatch is checking on the truthfulness of these latest reports from Cyprus.

[New Zealand planning Cyprus type seizure: The National Government are pushing a Cyprus-style solution to bank failure in New Zealand which will see small depositors lose some of their savings to fund big bank bailouts, the Green Party said today. Open Bank Resolution (OBR) is Finance Minister Bill English’s favored option dealing with a major bank failure. If a bank fails under OBR, all depositors will have their savings reduced overnight to fund the bank’s bail out. “Bill English is proposing a Cyprus-style solution for managing bank failure here in New Zealand – a solution that will see small depositors lose some of their savings to fund big bank bailouts,” said Green Party Co-leader Dr. Russel Norman. “The Reserve Bank is in the final stages of implementing a system of managing bank failure called Open Bank Resolution. The scheme will put all bank depositors on the hook for bailing out their bank. “Depositors will overnight have their savings shaved by the amount needed to keep the bank afloat. “While the details are still to be finalized, nearly all depositors will see their savings reduced by the same proportions. Bill English is wrong to assume everyday people are able to judge the soundness of their bank. Not even sophisticated investors like Merrill Lynch saw the global financial crisis coming. “If he insists on pushing through this unfair scheme, small depositors can be protected ahead of time with a notified savings threshold below which their savings will be safe from any interference.” Dr. Norman questioned the Government’s insistence on pursuing Open Bank Resolution when virtually no other OECD country uses it. “Open Bank Resolution is unprecedented in the world. Most OECD countries run deposit insurance schemes which protect people’s deposits up to a maximum ranging from $100,000 – $250,000,” Dr. Norman said. -Scoop
Puerto Rico sliding towards insolvency: Dark /quote]

Reported in Extinction Protocol.


Jane

It appears certain that the Cyprus parliament will reject the bailout package as it stands.

A spokesperson for the governing Democratic Rally (Disy) party of President Nicos Anastasiades revealed before the debate started that its MPs have decided to abstain, rather than support the package.

With the rest of the parliament expected to vote against it, this is a major display of defiance from Nicosia against the eurozone.

Does anyone speak fluent Cypriot-Greek? This is a link to the current debate.

Can't get the link to work to even have a stab at the gist :/

Get the people who are saying "no" out of the way. Will be interesting to see if this turns out to be accurate:

www.forexlive.com/blog/2013/03/19/cyprus...-minister-quits-mni/

stream.marketwatch.com/story/cyprus-bank...-4-25845/SS-4-25885/

oioioi wrote: Thanks for trying, I think you were our best hope! Translations are coming through pretty quickly.

wake_up_bomb wrote:
Nov might be able to help out when he arrives but dont hold me to that

Crowds gathering outside Parliament, with riot police at the ready...

www.rightnow.io/breaking-news/cyprus_bn_1363433304743.html

Why are folk still talking about it being a 10% levy on the bigger accounts. That was what they proposed initially, but they'e since said they aren't going to take anything off smaller accounts, but they've still got to grab the same gross figure, so how can they achieve that without increasing the percentage?