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EU: Cyprus bailout

18 March 2013

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- CYPRUS: Euro bail out plumbs new depths, bank accounts to be taxed: Cyprus heading for bank run after bailout deal (euobserver, link)
- EU leaders gamble in Cyprus bank bailout (BBC News, link)
- Cyprus rescue breaks all the rules (Robert Peston, BBC News, link): If the Cypriot parliament fails to back the troika (European Commission, ECB and IMF) deal technocratic rule may be imposed as it was in Greece and Italy.

And see: Cypriot president says he was forced to accept EU bailout (euractiv, link):

""Essentially parliament is called to legalise a decision to rob depositors blind, against every written and unwritten law," said Yiannakis Omirou, speaker of parliament and head of EDEK, the small Socialist party. "We refuse to subscribe to this."....Independent financial experts and governmental sources believe that the Eurogroup and the European Central Bank need a flawless execution of the bailout agreement, because the deal will likely serve as blueprint for future bailouts. Most likely recipients of such bailout packages are the so-called PIGS countries: Portugal, Italy, Greece and Spain."

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