From the WSJ: The European Central Bank ramped up pressure
on Cyprus to seal a bailout agreement with the European Union and the
International Monetary Fund by Monday, making further funding for the island’s
ailing banks contingent on a deal. The ECB said it would extend emergency
funding that has kept the island’s banks in operation while the bailout plan
was being negotiated in recent months only until Monday. “Thereafter, Emergency
Liquidity Assistance (ELA) could only be considered if an European
Union/International Monetary Fund program is in place that would ensure the
solvency of the concerned banks,” the ECB said in a statement….
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