The ECB's governing council can terminate ELA if it believes the banks receiving it are no longer solvent.

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So there's no way I could financially be solvent in fish, no way.

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"Then the Cypriot banks will no longer be solvent, and Cyprus will be in a very difficult situation, " said Schaeuble who insisted that every country involved in Europe's debt crisis is different.

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Third, for those few companies that are still solvent, there are no liquid asset markets in which to invest.

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So there is no way of knowing whether they are solvent, i.e.

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The frame or focus on improving the effectiveness of the solvent was so old that no one thought to take a look at other potential solutions to the problem.

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Some economists have argued that this market makes his prescription obsolete: there is no need for a central bank to save a solvent but illiquid bank, they say, because the interbank market does the job instead.

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That emergency liquidity has not followed the Bagehot formula for last resort lending, because there has been no penalty rate, and the institutions concerned are not necessarily solvent - notably the Greek ones.

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Since the finance ministry had long decreed that no big bank would go bust until May 2000 and had pretended that many were solvent, it is a safe bet that the men from the ministry connived with the dodgy banks that were trying to disguise their losses.

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