The ECB Just Gave Cyprus Its Drop Dead Date

Mario Draghi ECB press conference

Next Monday.

If Cyprus doesn’t have a deal in place by then, the ECB will not provide its banks the emergency liquidity assistance they need to operate.

Below the dotted line is press release the ECB just put out.

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21 March 2013 – Governing Council decision on Emergency Liquidity Assistance requested by the Central Bank of Cyprus
The Governing Council of the European Central Bank decided to maintain the current level of Emergency Liquidity Assistance (ELA) until Monday, 25 March 2013.

Thereafter, Emergency Liquidity Assistance (ELA) could only be considered if an EU/IMF programme is in place that would ensure the solvency of the concerned banks.

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