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ECB Gives Cyprus Funding Deadline

Cypriot President Anastasiades works on plan to stave off financial collapse.

By Georgios Georgiou and Stefan Riecher, Bloomberg | Updated on March 21, 2013

The European Central Bank said it may cut Cypriot banks off from emergency funds after March 25 as the island nation’s president, Nicos Anastasiades, scrambled to forge agreement on a plan to stave off financial collapse.

The ECB’s Governing Council said today that so-called emergency liquidity assistance, or ELA, “could only be considered” after Monday if an aid program from the euro area and International Monetary Fund “that would ensure the solvency of the concerned banks” is in place, the central bank said today in a statement.

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