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Cypriot credit system 'standing ready'

The Cypriot banking system is at a “critical turning point” following losses arising from a writedown of Greek government bonds and the Cyprus government is ready to support lenders if needed, the island’s Finance Ministry said on Friday.

Cyprus “has prepared a comprehensive plan to effectively tackle the challenges in the banking sector,” according to an e-mailed statement from the Nicosia-based ministry.

The government “stands ready, as has repeatedly been stated, to intervene, if necessary. Any state intervention will be undertaken with a view to enhance financial stability and confidence and also to minimize the overall cost to the economy.” [Bloomberg]

ekathimerini.com , Friday April 27, 2012 (20:33)  
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