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But doesn't this require some sort of majority in the ECB (2/3 I hear)? You can't just cut off the ELA on Cypriot banks and renege on the implicit ECB guarantee by the president's fiat alone. Unless the EU South  and the crisis countries committed suicide this is impossible. So it was an empty threat. No?

The road of excess leads to the palace of wisdom - William Blake
by talos (mihalis at gmail dot com) on Mon Mar 18th, 2013 at 06:13:48 PM EST
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