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After the furious public reaction to this bailout deal, the fight now turns to parliament. MPs will debate the new tax before it is voted upon later on today. And it's by no means certain to pass, with some coalition members set to rebel. The President argued in a televised address last night that the deal was the only way to avoid bankruptcy. But in an attempt to soften the blow, he is now trying to reduce the levy on those with smaller deposits. If the bill is rejected by MPs, today's bank holiday might be extended so as to avoid a run on the banks. And all the while, those in debt-stricken countries outside Cyprus are watching to see if this levy will set a precedent and whether they should fear for their savings too. |