Demetriades says capital controls could be fully lifted this year. (REUTERS/Andreas Manolis)
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Any escalation in the Ukraine crisis poses a threat to Cyprus' economy, the outgoing governor of the country's central bank said in an interview, noting that he expects the bailed-out eurozone member to return to growth in 2015 .Cyprus is receiving 10 billion euros ($14 billion) in aid from a troika of lenders: the International Monetary Fund, the European Central Bank and the European Commission.In March 2013 it was forced to wind down Laiki, Cyprus' No. 2 lender, and convert a sizable portion of large deposits into equity at market leader Bank of Cyprus. Had lenders used a benchmark of 120 percent, an additional 3.6 billion euros could have been made available, restricting the bail-in of depositors to one bank instead of two.
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