Submitted by Tyler Durden on 12/21/2011 - 07:38 European Central Bank Open Market Operations SocGen
SocGen explains why the €490 billion LTRO number is misleading and why, net of rolls, the actual new liquidity is about 60% lower. In other news, don't forget to add €210 billion in net "assets" to the ECB's already record balance sheet of €2.494 trillion, bringing it to a fresh new record of €2.7 trillion, or $3.5 trillion. At what point will the market start asking questions of the world's most insolvent Frankfurt-based hedge fund (which has repeatedly said it refuses to print cash to cover capital shortfalls) we wonder.
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http://www.zerohedge.com/news/gross-ltro-liquidity-injection-%E2%82%AC489-billion-net-%E2%82%AC210-billion

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