Spain has exposed the limits of the ECB's LTRO, writes John Plender, adding the program only reinforced a dynamic of weak EU banks propping up overstretched sovereign borrowers. Bank balance sheets are now in even worse shape as lenders pledged so much collateral as security for ECB loans. It's "back to make do and mend in the eurozone."
Spain has exposed the limits of the ECB's LTRO, writes John Plender, adding the program only...
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