Cyprus Bailout | South’s Parliament Vote in Doubt

Cyprus Bailout | South’s Parliament Vote in Doubt

It had been thought that the bailout was a forgone conclusion, because it would not need ratification by the south’s parliament, but now it has been decided that it will have to be voted on. This puts the south back in the hands of opposition MPs, many of whom reject the idea of a bailout. The Greens Party have already stated their opposition but with only one seat this isn’t an immediate problem. The real challenge is the Communist AKEL and Socialist EDEK parties, which together hold 24 of the 56 seats. The ruling party have only 20 seats so even if all these MPs support the bailout another 9 MPs’ votes are needed.

Government spokesman Christos Stylianides made it clear that, “whoever is prepared to vote against the loan agreement should at the same time propose where this €10 billion will be found… they should also propose how we would deal with issues such as paying wages and pensions, and how we would deal with the international uproar caused by a possible rejection of the loan agreement.”

If the vote follows the same pattern as the one that rejected the original bailout plan then it is likely that the south is back to square one with even less time to finance the running of the country. That’s unless some genius MP does actually put forward a cunning plan to raise the €10bn, for example going into a casino in the north and placing every cent the south has left and putting it on roulette Lucky 7. Even then they’ll probably need to do that dozens of times to win the money!

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