CYPRUS: Two Possibilities For What Happens Next
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Today the Cyprus parliament voted overwhelmingly to reject a bailout deal that was agreed to by the President this past weekend.
The bailout would have imposed a one-off levy on all bank depositors, a form of confiscation that the public is furious about, and which politicians are (understandably) not inclined to support.
Since no levy has been passed, the banks remain closed. Cyprus needs to raise several billions of euros to recap its banks, and again make them eligible for emergency liquidity assistance from the ECB.
So what happens now?
SocGen analyst Anatoli Annenkov gives two possibilities.
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