CYPRUS VOTES AGAINST CONTROVERSIAL BANK BAILOUT DEAL

Cypriot parliament

The Cypriot parliament is about to vote on the controversial bank bailout plan hatched with the EU over the weekend.

The big part of the plan that has everyone up in arms – a controversial decision to apply haircuts to depositors, which essentially amounts to an expropriation of a certain percentage of money from everyone’s bank account.

That includes insured depositors – those with up to 100,000 euros in the bank.

Cypriot President Nicos Anastasiades told German Chancellor Angela Merkel in a phone call that he does not have the political support to pass the deal through parliament, as several parties have already pledged to vote “no.”

There is a lot riding on this vote, including potential market volatility.

We are expecting the vote shortly. Click here to refresh for the latest >

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