Cyprus Votes Yes

Cyprus today passed the €10 billion EU-IMF bailout deal by a 29 to 27 vote, so it will receive its first installment of aid next month.  Capital controls (though eased a bit) will remain in place until at least the fall, when the bank restructuring is completed.  New financing gaps are likely to emerge quickly, as the economic assumptions still look too rosy, but the risk of default has diminished for now.