URGENT ¥¥¥ ECB to maintain emergency funding to Cyprus until Monday

The European Central Bank said Thursday it will continue to provide emergency funding to Cyprus until next Monday as the debt-hit country scrambles to secure funding for its banks.

"The governing council of the European Central Bank decided to maintain the current level of Emergency Liquidity Assistance (ELA) until Monday, March 25. Thereafter, Emergency Liquidity Assistance (ELA) could only be considered if an EU/IMF programme is in place that would ensure the solvency of the concerned banks," the ECB said in a short statement.