The document discusses the impact of Germany's monetary policy changes and the ECB's long-term refinancing operations (LTRO) on European markets. It highlights the positive implications for sovereign and bank financing pressures, the EU recession, and the reduction of Armageddon risk. The commentary also covers the challenges faced by Spain and Italy in financing deficits and maturing bonds, and the potential for Eurobonds. Additionally, it touches on the Greek debt situation and the complexities of restructuring Greek bonds.
documents/EFTA00601815.pdf
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