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ECB uncomfortable with leading role in Greek funding drama
European Central Bank policymakers decamp to Cyprus on Wednesday wrestling with the uncomfortable fact that they may hold the keys to Greece's continued membership of the euro. With no political appetite for a 'transfer union' that could see wealthier countries subsidize Greece, the central bank figures prominently among the main options for staving off an impending funding crunch in Athens. This is awkward for the ECB, an independent central bank desperate to stay out of the political debate over Greece's future but whose lender-of-last-resort function may leave it as the only institution able to stop an economic ... (full story)
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