In the News: “European banks borrowed enough cash from the European Central Bank at its first three-year offering to refinance almost two-thirds of the debt they have maturing next year amid concern that markets will remain frozen.
“The 523 euro-area lenders took a record 489 billion euros ($638 billion) from the Frankfurt-based central bank in 1,134- day loans… That equals about 63 percent of the European bank debt maturing in 2012, according to Goldman Sachs Group Inc. analysts.” (Source: Bloomberg)
The Wall Street Journal notes that “the unexpectedly heavy demand from 523 banks for the three-year loans highlighted the severity of Europe’s financial crisis, while also stirring some hopes that the action could help defuse it, or at least prevent it from getting worse. Investors didn’t seem convinced that the loans would drastically improve banks’ prospects.” (Source: The Wall Street Journal)
My Comment: Europe is facing a slow agony! But that gives time to realize the need for a paradigm shift through implementing integral upbringing.