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Friday, March 02, 2012

The "Irony" of The ECB Overnight Deposits

Hot on the heels of LTRO II, the ECB overnight deposit facility has hit a record high of Euro776.94BN.

This of course is rather "ironic", given that Draghi et al were claiming that LTRO II was aimed at stimulating bank lending.

They of course knew that it would be used by banks to sandbag themselves against the oncoming Greek default, but couldn't admit that.

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