Title: On the (Local) Lifting Property

Abstract: The (Local) Lifting Property ((L)LP) is introduced by Kirchberg and deals with lifting completely positive maps. We give a characterization of the (L)LP in terms of lifting $\ast$-homomorphisms. We use it to prove that if $A$ and $B$ have the LP and $F$ is their finite-dimensional C*-subalgebra, then $A\ast_F B$ has the LP. This answers a question of Ozawa.
We prove that Exel's soft tori have the LP. As a consequence we obtain that $C^*(F_n\times F_n)$ is inductive limit of RFD C*-algebras with the LP.
We prove that for a class of C*-algebras including $C^*(F_n\times F_n)$ and all contractible C*-algebras, the LLP is equivalent to Ext being a group.
As byproduct of methods developed in the paper we generalize Kirchberg's theorem about extensions with the WEP, give short proofs of several, old and new, facts about soft tori, new unified proofs of Li and Shen's characterization of RFD property of free products amalgamated over a finite-dimensional subalgebra and Blackadar's characterization of semiprojectivity of them.