Relevant:
- Italy Banks Said to Issue 'State-Backed' Bonds for ECB Loans
- Greece Gives Banks Banks $22.6 Billion As Exit Panic Causes Savers To Pull Funds
- Mamma Mia: Italian Banks on Verge of Collapsing Entire Eurozone Financial System
- European Central Bank announces huge stimulus program
- ECB Balance Sheet Increases to Record 2.73 Trillion EUR ($3.55 T)
2011-12-21 — reuters.com
"Banks took a huge 489 billion euros at the European Central Bank's first ever offering of three-year funding on Wednesday, raising hope a credit crunch can be avoided and that the money may be used to buy Italian and Spanish bonds."
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