from Zero Hedge:
Yesterday, when we described the latest Cyprus bailout proposal being (belatedly) debated by the Cyprus parliament and soon to be voted, we wondered how long before the Troika rejects it outright. After all the “Solidarity Bailout” Plan C (or whatever it is) did not do what Germany more than anything wanted to accomplish – punish Russian depositors as this entire farce has been nothing but a political gambit dictated by Germany from the onset. And so while GETCO’s entire army of algos awaits the flashing red headline with a touch of optimism to unleash robotic buying of ES and EURUSD, we fast forward to the inevitable denouement, which is, not surprisingly, bad news for Cyprus, because as the FT reports, confirming our initial skepticism, “European officials rejected Cyprus’ plans for an alternative package to save its banking sector and remain in the euro, starting a fresh round of talks with the island nation’s government on Friday.”
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