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The ECB has offered Spain’s banks bailout loans at 1% for up to 3 years. Spain’s bond yields tumble on the news. Now watch the banks buy Spanish bonds with the cash and make a tidy margin.
Is this Draghi’s form of QE and a way around Germany’s resistance to direct sovereign lending? 😯
http://www.telegraph.co.uk/finance/financialcrisis/8967912/ECB-helps-Spanish-borrowing-costs-halve.html

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