Deal Reached for Cyprus - 40% of deposits will be stolen. Banks doing it without Parliament vote

The EU had an out where they could simply steal the money without a vote from the Cyprus Parliament. Since the stealing of the money is not a tax, but it is necessary to save the banks, there is no vote from the government of Cyprus for it. It will just be done.

(Update - at the end it is now 40% of deposits over 100,000)

FYI - I am tired of it being called a "haircut"! Call it what it is