As reported previously, today was the third weekly LTRO putback option for European banks. At just €5 billion it was a far cry from the first week's €137 billion whopper, which as we explained, marked the peak level for the Euro, as it is all liquidity tightening from here (especially once the obligatory dose of bank stigma is thrown in) at least until Draghi shifts from unlimited off-balance sheet guarantees to very limited on-balance sheet expansion once more, a move that will see the EUR plunge. But we'll cross that bridge when we get to it. For now - here is Goldman with a summary ... Read More