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Tuesday, 31 May 2016

Cypriot banks' liquidity lifeline becomes a noose

Liquid punch

Laiki’s 9 bln euros of emergency liquidity assistance from the Cypriot central bank kept it afloat before the bank’s winding down. Now it has been dumped on rival Bank of Cyprus. The island state is learning the hard way that ELA is a liability for the government, not the ECB.

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