The LTRO program - designed to give banks a 3-year cushion - "could evaporate in 3 months," writes Vince Cignarella. Unable to raise capital because of low share prices, Spanish banks may have to unload recently purchased government bonds, restarting familiar waves of selling. It may not be long before the ECB is again under pressure to buy sovereign debt outright.
The LTRO program - designed to give banks a 3-year cushion - "could evaporate in 3 months,"...
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