This came out while the site was “resting” this morning: Fitch says the ECB is only delaying the the collapse of some low rated banks with its 3-year LTROs. Some banks will work through their problems after buying time via the liquidity injections but others will ultimately meet their demise, the ratings agency says.
Italian and Spanish banks are the most vulnerable, they say (which should lead to immediate raids by Italian and Spanish investigators…)
Italian banks have issued EUR 40 bln in state-backed bonds that can be used as collateral at tomorrow’s tender.