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.
The Cypriot government may propose a revamped bank-deposit levy to raise 5.8 billion euros ($7.5 billion), after lawmakers rejected a previous measure, a Cypriot official said. In Moscow, Finance Minister Michael Sarris pressed Russia for aid, offering “opportunities” including banking and natural-gas assets in return.
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