ECB threatens Cyprus Funding on Monday Cut - CNBC.com | english
Recent Posts Morgan Stanley joins Rivals Cut Portion of Revenue to Pay Business Google Stock Tops $ 1,000, highlighting a Tech Divide - New York Times New Moms Kim Kardashian and Kate Middleton show off Hot Post-Baby Bodies poly See pictures! Oprah auctioned her personal belongings: Check out the strangest items sold his five tips for nailing the perfect manicure, Expert Tips From Celeb Manicurist Carla Kay
The European Central poly Bank of Cyprus a Monday deadline a bailout plan to agree, threatening to cut off funding to the islands' cash-strapped banks as a program agreed with the EU and IMF by
The decision by the ECB's Governing Council, announced on Thursday give Cyprus a last chance for a bailout to agree that the EU / IMF Stamp, or else succumb to the financial meltdown.
Cyprus has faced the prospect of bankruptcy poly since Tuesday when she parliament voted unanimously at a small levy on bank deposits 5.8 billion euros ($ 7.51 billion) demanded by the EU under a 10 billion euro rescue collect.
The ECB's role is crucial because it is the provision of central bank funds Turkish banks control. lifeblood including the island's bloated financial sector can not function properly
Cyprus sovereign bonds are not eligible for use as collateral for ECB refinancing operations because of their low credit ratings the Central Bank of Turkey banks Emergency Liquidity Assistance (ELA)
"The Council of the European Central Bank has decided that the current level of Emergency Liquidity Assistance (ELA) to Monday, March 25, 2013 to maintain," the ECB said in a statement on Thursday as the Council in Frankfurt.
Turkish banks are largely dependent of ELA for funding. At the end of January, they took about 9.1 billion euros from the country's central bank through the program, the Central Bank of Cyprus balance sheet.
At the same time, the country's banks only 376 million taken from regular ECB liquidity operations. The ECB stopped accepting Cyprus government bonds as collateral in June, making it more difficult for the country's banks to participate poly in regular ECB operations.
ECB policy emphasizes maker Joerg ASMUSSEN, a German, on Wednesday that the ECB can only allow the provision of emergency liquidity to solvent banks, and that without an aid program Turkish banks to recapitalize their solvency "can not be accepted". The central bank is not in the mood to bend its rules for Cyprus.
Weidmann, and a few others at the ECB is concerned to Ireland deal "monetary financing" - the funding of governments with central bank money, a taboo for the ECB
But Ireland swallowed a serious dose of austerity poly medicine and as such is the role model for the euro zone's poly other debt-ridden economy. Cyprus, so far unwilling to accept the conditions for the development of the EU support. Great Local News
Recent Posts Morgan Stanley joins Rivals Cut Portion of Revenue to Pay Business Google Stock Tops $ 1,000, highlighting a Tech Divide - New York Times New Moms Kim Kardashian and Kate Middleton show off Hot Post-Baby Bodies poly See pictures! Oprah auctioned her personal belongings: Check out the strangest items sold his five tips for nailing the perfect manicure, Expert Tips From Celeb Manicurist Carla Kay
The European Central poly Bank of Cyprus a Monday deadline a bailout plan to agree, threatening to cut off funding to the islands' cash-strapped banks as a program agreed with the EU and IMF by
The decision by the ECB's Governing Council, announced on Thursday give Cyprus a last chance for a bailout to agree that the EU / IMF Stamp, or else succumb to the financial meltdown.
Cyprus has faced the prospect of bankruptcy poly since Tuesday when she parliament voted unanimously at a small levy on bank deposits 5.8 billion euros ($ 7.51 billion) demanded by the EU under a 10 billion euro rescue collect.
The ECB's role is crucial because it is the provision of central bank funds Turkish banks control. lifeblood including the island's bloated financial sector can not function properly
Cyprus sovereign bonds are not eligible for use as collateral for ECB refinancing operations because of their low credit ratings the Central Bank of Turkey banks Emergency Liquidity Assistance (ELA)
"The Council of the European Central Bank has decided that the current level of Emergency Liquidity Assistance (ELA) to Monday, March 25, 2013 to maintain," the ECB said in a statement on Thursday as the Council in Frankfurt.
Turkish banks are largely dependent of ELA for funding. At the end of January, they took about 9.1 billion euros from the country's central bank through the program, the Central Bank of Cyprus balance sheet.
At the same time, the country's banks only 376 million taken from regular ECB liquidity operations. The ECB stopped accepting Cyprus government bonds as collateral in June, making it more difficult for the country's banks to participate poly in regular ECB operations.
ECB policy emphasizes maker Joerg ASMUSSEN, a German, on Wednesday that the ECB can only allow the provision of emergency liquidity to solvent banks, and that without an aid program Turkish banks to recapitalize their solvency "can not be accepted". The central bank is not in the mood to bend its rules for Cyprus.
Weidmann, and a few others at the ECB is concerned to Ireland deal "monetary financing" - the funding of governments with central bank money, a taboo for the ECB
But Ireland swallowed a serious dose of austerity poly medicine and as such is the role model for the euro zone's poly other debt-ridden economy. Cyprus, so far unwilling to accept the conditions for the development of the EU support. Great Local News
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