This week was marked by the terms of the Cyprus’ bailout. The ECB has threatened that it will stop providing emergency liquidity to its banks by Monday if no bailout is agreed. Fresh talks have started this afternoon but there is still a significant risk of bankruptcy The PMI for the eurozone fell in March, pointing to a deepening of the recession. In Portugal, credit continued to fall, declining by 6.2%yoy after -6.7% in December. Credit for large private companies fell the most, down 11.6%yoy.
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