he European Central Bank decided on Monday to continue to provide emergency credit to Cyprus even after a fresh bailout deal was reached."Today, the Governing Council decided not to object to the request for provision of Emergency Liquidity Assistance by the Central Bank of Cyprus, in accordance with the prevailing rules," the ECB said in a statement.Last week, the ECB said it will cut off emergency funds for Cypriot banks after March 25, unless Cyprus’s government agrees on a bailout with the European Union and the International Monetary Fund.Cyprus dodged a disorderly credit default and unprecedented exit from the euro early Monday by bowing to demands from the Troika to shrink its banking system in exchange for 10 billion euros aid.
The president of Cyprus, Nicos Anastasiades assured his people on Monday that a bailout deal he struck with the international lenders was in their best interests. Meanwhile a bank holiday in Cyprus has been extended to March 28.
