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The ECB says 523 banks requested a total of €489B ($641B) in its "longer-term refinancing...

The ECB says 523 banks requested a total of €489B ($641B) in its "longer-term refinancing operation" in which its providing three-year loans at its benchmark rate of 1%. The figure is well above a consensus of €310B. EU shares add to gains on the news, with U.S. stock futures also jumping.
Comments (11)
  • User 353732
    , contributor
    Comments (4785) | Send Message
     
    This is the circularity of fraud and deceit. Free credit from a degenerate Central Bank to even more degenerate Bad Banks which used to buy the bad debt of failed polities .
    Cascading lies can no longer rescue either the Euro or the EU as currently structured from extinction.
    21 Dec 2011, 06:42 AM Reply Like
  • zorrba
    , contributor
    Comments (397) | Send Message
     
    Yes just like the fed.
    21 Dec 2011, 06:51 AM Reply Like
  • Stone Fox Capital
    , contributor
    Comments (5779) | Send Message
     
    Give it a rest. Do you want the world to end?
    21 Dec 2011, 09:51 AM Reply Like
  • Losing Paper While Gaining ...
    , contributor
    Comments (497) | Send Message
     
    Exactly, how dare they allow bad banks to fail?! What kind of stupidity would allow that!? We need to keep giving these poor bankers more good money, because everyone should know that keeping bad businesses alive is the way you rebuild an economy. Silly silly people and their capitalist ways.
    21 Dec 2011, 04:09 PM Reply Like
  • JohnLocke
    , contributor
    Comments (381) | Send Message
     
    The world wont end and life will go on...

     

    I see that Stone Fox Capitol is off -1.22 over the last 6 months so I understand your Perma-bear position a little better now, Keeeeep Pumping:-)
    21 Dec 2011, 06:58 PM Reply Like
  • JohnLocke
    , contributor
    Comments (381) | Send Message
     
    And where did the ECB get 641 Billion exactly?

     

    These loans are fictitious and will fix nothing as long as the underlying causes remain.

     

    I would love to see the list of banks and see how much CITI, Goldman, ect are getting, international fraud at it's finest...
    21 Dec 2011, 09:46 AM Reply Like
  • phazer99
    , contributor
    Comments (31) | Send Message
     
    The Federal Reserve Bank sent a lot of dollars over to Europe. It is indeed an unholy alliance among the banks and Central Banks, including the Fed. These people are EVIL!
    21 Dec 2011, 01:26 PM Reply Like
  • Leftfield
    , contributor
    Comments (3755) | Send Message
     
    Think of the bonuses and kickbacks all this circular lending/borrowing "activity" will produce!
    21 Dec 2011, 10:21 AM Reply Like
  • Russ Winter
    , contributor
    Comments (648) | Send Message
     
    Can only imagine the quality of the collateral accepted and the huge losses incurred. They can just send the loss bill to the Euro governments that sponsor the ECB. Huge negative for sovereign fundamentals.
    21 Dec 2011, 10:33 AM Reply Like
  • Russ Winter
    , contributor
    Comments (648) | Send Message
     
    Reuters is reporting that we have two insolvent Italian banks using $52 billion in what Reuters describes as "state guaranteed bonds" as collateral for these new ECB loans. What exactly are these "guaranteed" bonds?? What a circle jerk, use some debt down the food chain to buy more debt in the sovereign who guaranteed the bonds used as collateral. You can't make this stuff up.
    21 Dec 2011, 10:54 AM Reply Like
  • mP1
    , contributor
    Comments (386) | Send Message
     
    How could 500 odd banks possibly get enough funds from $523B given some of the really big banks require many tens just for themselves. Surely the sum of the banks to big to fail would almost dwarf the amount just by themselves.
    22 Dec 2011, 03:39 AM Reply Like
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