March 25, 2013 / 11:01 AM / in 6 years

Austria finmin says Cyprus bank Laiki to be wound down today -report

VIENNA, March 25 (Reuters) - Largely state-owned Popular Bank of Cyprus, also known as Laiki, will be wound down on Monday as part of the euro zone country’s rescue package, Austrian Finance Minister Maria Fekter was quoted as saying.

The measure “will be taken today because it no longer has liquidity,” the Austria Press Agency quoted her as saying in an interview in Brussels, where euro zone finance ministers signed off on the bailout.

She said the agreement meant the European Central Bank would provide “sufficient liquidity” to Cypriot banks, which she said could begin opening as early as on Tuesday in a carefully controlled way.

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