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SWIFT deal dies at hand of European Parliament

As of now, the SWIFT deal in place since 2001 — made public in 2006 — is dead. The European Parliament has rejected an interim agreement to keep the banking-data transfers in place while a longer-term deal is brokered, despite pleas by the European Commission, backed by parliament's largest party, to delay the vote and give more time for negotiation.

The interim agreement was rejected 378 to 196, a margin that left even the anti-deal rapporteur Jeanine Hennis-Plasschaert with a shocked look on her face.

Hillary Clinton had been personally lobbying Jerzy Buzek, the president of the European Parliament, to do what he could to bring about the approval of the interim agreement, but to no avail. Negotiations will still continue on a long-term accord.