Wednesday, 20 March 2013

Historic decision: Cypriots vote NO to bank deposits tax



Posted by  in Economy

With 39 votes against and 19 abstentions from Anastasiades’ ruling party, Cypriots said a historic NO to Eurogroup decision to charge with a levy bank deposits. Upon announcement of the rejecting decision protesters who had gathered outside the Parliament broke in to loud applaud.
No one Cypriot MP voted in favor of the levy.
While the impact and consequences for Cyprus cannot be predicted at the moment, the European Commission reacted with a sound…silence! One hours after the voting result became known and no comments has been spoken from Brussels.
European partners has warned Cypriots of “fatal consequences” should they reject the levy.
Short before the outcome of the voting, the European Central Bank told Dow Jones, that it would continue to supply Cypriot banks with liquidity “according to existing rules”.
Everything is still open, as no comment was issued from Berlin as well.
It looks as if Cypriot banks would open on Thursday. The big question is whether money will flee the country.
Cypriot finance ministry Michalis Sarris dismissed earlier reports, he had submitted his resignation to President Anastasiades before taking off to Moscow.

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