The Cypriot parliamentary vote on the rescue deal that was scheduled for Monday has been postponed, again, and is now due to take place today. From the FT, here is what Anastasiades may be proposing in an attempt to get the measures passed: Eurozone finance held a conference call last night but with no deal in parliament in Nicosia, all that resulted was this statement, which indicates they are expecting/promising a revised levy structure: The Eurogroup continues to be of the view that small depositors should be treated differently from large depositors and reaffirms the importance of fully guaranteeing deposits below EUR 100.000. The Cypriot authorities will introduce more progressivity in the one-off levy compared to what was agreed on 16 March, provided that it continues yielding the targeted reduction of the financing envelope and, hence, not impact the overall amount of financial assistance up to EUR 10bn. Now, there's a lot more to be said about that statement, the "continues to be" and the background to it all - Joseph's post looks at it more thoroughly. Onto Russia. Emphasis throughout ours - and no laughing at the back, Ed. Judging from Moscow's reaction so far, such a revision will not be received well there. Well, if the IMF, eurogroup et cetera don't like the idea of burning deposits below €100,000, perhaps they can just cough up the €2.5bn extra? Then again maybe not. The German electorate is the other player here, remember. Also, Cyprus doesn't want to scare the Russians away - that's how this whole thing came about, after all. On the other hand, Russia is nervous, too, for its own reasons. In other words, it's not just the exposure, but the role of Cyprus in facilitating flows that is making Russia anxious about deposit flight. That puts things in a different light, we think. And it's also worth asking if this 3 per cent/10 per cent/15 per cent tweak will make Cypriots happy? Alex White at JP Morgan reckons it won't. To our mind, this looks like shifting deckchairs. Cypriot depositors are angry at what they perceive as a smash and grab raid, tweaking the quantum is unlikely to change their prevailing emotions. It is possible however that such an amendment, alongside further promises, could potentially be enough to shift the balance within parliament (this is questionable though, in our opinion). White is not optimistic about the prospects for this tussle being amicably resolved any time soon. Moreoever, he thinks the prospect of an impasse is not being taken seriously enough (emphasis ours): Our base case is that the Government, the Eurogroup and the Kremlin prove capable of coming to some form of accord; especially given the nature of the downside risks involved. However, there appear to be no good near-term options; and the market appears too sanguine in its view that a solution will inevitably be found. It is notable that the Government has now extended out the bank holiday towards the end of the week (as we suggested yesterday could occur), and could delay the parliamentary vote still further. It has a few days at most to agree on a pain distribution that has eluded policymakers for the last 9 months (since negotiations began). In our view, the risks are that a solution is delayed for several days, or cannot be found. Related links: More on the Russian angle - FT Alphaville Russia attacks Cypriot bank levy - FT Cyprus plays for time - WSJ Cyprus scrambles to renegotiate bailout - FT