Less shock, less awe as FIG market fires LTRO warning shots
While the €530bn of European Central Bank three year liquidity provided to 800 banks in Wednesday’s long term refinancing operation has been well received by credit market participants, the reaction to the operation lacked the drama and fizz that accompanied LTRO 1 in December 2011. Many are now turning their attention to the deeper structural issues they say the 1% three year money fails to address.
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