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updated: 3/21/2013 7:21 AM

ECB guarantees Cyprus aid only through Monday

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  • During a crucial top level meeting of Cypriot leaders including from left to right, Presidential Advisor Constantinos Petrides, Labor Minister Harris Georgiades, Greens Party official Adonis Yiangou, Parliamentary Speaker and EDEK party leader Yiannakis Omirou, AKEL party chief Andros Kyprianou, Cyprus President Nicos Anastasiades, ruling DISY party deputy leader Averof Neophytou, DIKO party boss Marios Garoyian, EVROKO party leader Demetris Syllouris, Cyprus Central Bank Governor Panicos Demetriades, and Central Bank Deputy Governor Spyros Stavrinakis during a crucial meeting to find an alternative plan to raise 5.8 billion euros to finance a bailout at the Presidential palace in Nicosia Wednesday,

      During a crucial top level meeting of Cypriot leaders including from left to right, Presidential Advisor Constantinos Petrides, Labor Minister Harris Georgiades, Greens Party official Adonis Yiangou, Parliamentary Speaker and EDEK party leader Yiannakis Omirou, AKEL party chief Andros Kyprianou, Cyprus President Nicos Anastasiades, ruling DISY party deputy leader Averof Neophytou, DIKO party boss Marios Garoyian, EVROKO party leader Demetris Syllouris, Cyprus Central Bank Governor Panicos Demetriades, and Central Bank Deputy Governor Spyros Stavrinakis during a crucial meeting to find an alternative plan to raise 5.8 billion euros to finance a bailout at the Presidential palace in Nicosia Wednesday,
    Associated Press

 
Associated Press

NICOSIA, Cyprus -- The European Central Bank says it will keep emergency aid for Cyprus' troubled banks in place at least until Monday but will have to cut it off after that unless an international rescue program is drawn up.

The ECB is keeping the Cypriot banks alive by allowing them to draw on emergency support from the local central bank. But the ECB has said it would cut that aid off if there is no bailout deal soon.

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The ECB said Thursday that its governing council decided to maintain the current level of so-called Emergency Liquidity Assistance until Monday.

But it says that, after that, such assistance can only be considered if an EU-IMF program is in place that would ensure the banks' solvency.

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