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Ball's In Your Court, Germany.

|Includes:EUFX, ProShares UltraShort Euro ETF (EUO), FXE, ULE

So the troika's bailout for Cyprus today was overwhelmingly defeated; not a single vote for the bailout and its controversial deposit tax. The Cypriots are calling the troika's bluff, and it seems to be working: according to Bloomberg, "The ECB reaffirms its commitment to provide liquidity as needed within the existing rules." It is also highly unlikely that the troika will cut off funding for Cyprus' banks given that the ECB needs two-thirds of its board to cut off ELA funding (and Germany was basically the sole proponent of the controversial deposit tax). Or perhaps the troika will give Cyprus a few days to modify the plan and pass it again; in that case, the final version of the deposit tax (if passed at all) will most likely become much more progressive (which is a good thing.)