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• Certain delays encountered in finalizing an agreement on a financial aid package for Cyprus due to, among others, uncertainty over the size of bank recapitalization needs
• No final decision with official lenders expected before the February 2013 election• Domestic banks increase dependence on ELA facility, amid tightened funding conditions, lack of eligible ECB collateral
• Domestic economy to remain in recession through to 2014; debt sustainability concerns on the rise