The European Central Bank said it may cut Cypriot banks off from emergency funds after March 25 as the island nation’s president, Nicos Anastasiades, pursued options at home and in Russia to stave off financial collapse.
The ECB’s Governing Council said today that so-called emergency liquidity assistance, or ELA, “could only be considered” after Monday if an aid program from the euro area and International Monetary Fund “that would ensure the solvency of the concerned banks” is in place, the central bank said today in a statement . In Nicosia, the Cabinet will meet at 6 p.m. today to discuss a proposed “investment solidarity fund,” according to a statement. The fund is intended to help raise the 5.8 billion euros ($7.5 billion) needed to trigger emergency loans, Athens News Agency reported.
Finance Minister Michael Sarris said in Moscow that while Russia won’t lend money to Cyprus, it’s looking at investment in the energy industry. Cyprus in June became the fifth euro-area nation to request a rescue after Greece ’s debt restructuring, the largest in history, trashed the financial health of lenders including Bank of Cyprus Plc (BOCY) and Cyprus Popular Bank Pcl, the nation’s two biggest. Bank Holiday “With […]
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ECB Gives Cyprus Funding Deadline as New Plan Sought
ECB Gives Cyprus Funding Deadline as New Plan Sought
ECB Gives Cyprus Funding Deadline as New Plan Sought
ECB Gives Cyprus Funding Deadline as New Plan Sought
ECB Gives Cyprus Funding Deadline as New Plan Sought
ECB Gives Cyprus Funding Deadline as New Plan Sought