Cyprus Threatens European Economic Stability

The small Island nation of Cyprus is threatening European economic stability and potential bankruptcy as their Parliament put off a crucial vote this afternoon in securing $13 billion in emergency rescue money for financially depressed Cypriots.

The vote, which was postponed for some unknown reason after the nation's President requested a delay, would approve a tax levy on all bank deposits in exchange for European creditors loaning the nation the necessary funds, which has led to a frantic run on atm machines, and a feared negative global reaction by world markets due to the uncertainty of Cyprus.

Cypriot lawmakers are furious over the proposal, as the levy would dip into the savings accounts of one million citizens in order to recapitalize the nations banks and service their crushing debts, and almost half already have signaled their opposition to the vote - which could potentially make or break the fragile and near catastrophic nature of their fiscal situation.

While I certainly understand the reasons behind opposing a six to ten percent levy on citizen's deposits, I cannot help but think Cyprus has to choose between accepting the terms of this European bailout and be financially safer, or head into bankruptcy, and perhaps have to accept an even stricter bailout some point down the road.

What say you?