In an interview with Handelsblatt, ECB executive board member Joerg Asmussen said he believed an aid package for Cyprus would be ready by the end of next month.
"I expect the aid programme for Cyprus will be in place by the end of March", Asmussen said, adding that politicians in his native Germany should not try to delay a controversial decision on Cyprus until after a German federal election in September. "There must be no doubt about this: if Cyprus gets no external help, it will slide into default."
He also warned that failing to help a systemically relevant euro zone country would "put at risk progress made last year on the euro crisis - and that would have high financial and political costs".
Asmussen said an aid package for Cyprus would be "no one-way street" and the government in Nicosia would have to fulfil "tough conditions", including scaling down its financial sector and introducing more banking transparency.
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