Cyprus Bailout | Parliament Vote Today

Cyprus Bailout | Parliament Vote TodayCyprus Bailout | Parliament Vote Today

Despite what the pundits are saying, in my opinion, today’s vote will support the EU bailout, mainly because none of the MPs have come up with a credible alternative. Although the government have a narrow margin it is believed that dissenting MPs will abstain to show their disagreement with the loan, rather than vote against it. In this way these MPs could say ‘told you so’ when the south defaults on its payments rather than take the blame when the rejection causes the collapse of the economy.

The Communist AKEL opposition party, blamed for getting the south in the problem in the first place, initially said it planned to vote against the bailout. It has 19 seats in parliament and the socialist EDEK party, also anti-bailout, has 5 seats. If 28 MPs or more vote against the bailout then it is scuppered. However, these anti-bailout MPs, who perhaps argue rightly that the EU terms are too hard to meet in the long term, have not come up with sufficient alternative sources of funds. There is a feeling that should the bailout fail to be passed the parliament will not have sufficient cohesion to broker a better one. Let’s see what the day brings.

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