’1 Trillion Euros Is Not Enough’April 20, 2012 2:25 am
We had spotted multiple stats on the Fed lending money to European banks – we spotted this today:
“The European Central Bank pulled out all the stops to prevent a credit crunch by providing banks with €1 trillion in ultra-low cost financing.
The move, which was hailed as a game changer, helped ease pressure on eurozone nations as some banks used the money to buy government bonds.
But the potency of the ECB’s two long-term refinancing operations, or LTROs, appears to be fading as yields on Spanish and Italian bonds have shot higher in recent weeks.”
Statistics Source: CNN Money