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Throwing Money to the Four-Letter Wind: LTRO

In: Breaking Up the Euro

Author

Listed:
  • Dimitris N. Chorafas

Abstract

By statute, the ECB cannot buy sovereign debt but behind the scenes it can authorize other institutions to do so. For instance, banks getting the €1.02 trillion ($1.36 trillion) the ECB put in the market in December 2011 and February 2012. Officially this has been known as the Long-Term Refinancing Operation (LTRO). 1 Market professionals say that it was Nicolas Sarkozy who, together with Mario Monti, convinced Angela Merkel that it will turn the market around. It did not.

Suggested Citation

  • Dimitris N. Chorafas, 2013. "Throwing Money to the Four-Letter Wind: LTRO," Palgrave Macmillan Books, in: Breaking Up the Euro, chapter 5, pages 99-117, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-33229-5_5
    DOI: 10.1057/9781137332295_5
    as

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