Forex Flash: Cyprus on final notice - OCBC Bank

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FXstreet.com (Barcelona) - OCBC Bank analysts note that the ECB gave Cyprus final notice to raise EUR5.8bn in exchange for EUR10bn emergency bailout funds by next Monday.

They note that the ECB said, "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." Further, they add that an EU official said the collapse of Cypriot financial sector will probably force the country to abandon the Euro. The team finish by writing, "The Russian official has informed the European leaders that Russia has no intentions to lend more money to Cyprus. As such, a fire sale of state assets is likely to be the last resort for Cyprus to avert the imminent collapse."



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This article appears in: Investing , Forex and Currencies

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