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What is an illiquidity?

What is an illiquidity? Here are some definitions.

Noun
  1. (economics) The condition of being illiquid; a lack of liquidity; difficulty in selling out an asset
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Examples
In this particular case, when all the banks are experiencing illiquidity, they are incapable of coming to each other's aid.
Fears of illiquidity and leverage are calmed by mutual funds' rules on both.
But fund managers are overcoming their distaste for illiquidity in order to seek out value in the sector.
Even the market for the Hungarian forint, a previously strong currency, this week faltered in illiquidity.
Higher rates might buttress the greenback, but with a real possibility of inciting deleveraging, illiquidity, and market dislocation.
Euler Hermes has left its C rating unchanged but notes the risks from banking and corporate foreign exchange illiquidity and lower oil prices.

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