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Yes, but still senior bondholders are untouched.

I think what happened was the following:

  • Merkel cannot get the bailout passed inthe German parliament
  • At the EU Council, Draghi tells the ministers that on Tuesday the ECB will pull the plug on the Cyrpiot banking system
  • Schaeuble offers Cyprus a deposit haircut or a euro exit
  • Anastassides replies: if Im going down, you're going down with me. Let's blow up EU deposit guarantees so there's a nice big panic.

Now the Troika has gone 'oh, shit' and are trying to convince Anastassides to backtrack. The Cypriot parliament vote that was to take place today has been postponed to tomorrow while the Troika descend on Cyprus to strongarm/bribe parliamentarians and Anastassides.

I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
by Migeru (migeru at eurotrib dot com) on Sun Mar 17th, 2013 at 07:28:37 AM EST
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