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Let the LTRO repayment games begin

The ECB should not expect to get back much of its €1tr three year LTRO cash back any time soon — Europe’s lenders are in no hurry to return the money at the first opportunity in late January. But in 2013 they will be concertedly planning to avoid 2015 cliff risk, as Katie Llanos-Small, Bill Thornhill and Tom Porter report.

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