ECB lifts ban on Cypriot ‘junk' bond eligibility

cyprus-euro

The European Central Bank (ECB) has announced that debt instruments with a Cypriot sovereign guarantee can again be used as collateral for Eurosystem credit operations, "subject to special haircuts".

The ECB's governing council says it has suspended its usual minimum 'credit rating threshold' for Cypriot government debt, following a precedent set in September last year when it allowed Greek government debt instruments to be used as collateral in the Eurosystem.

Under normal circumstances, the

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