Markets reversed after the ECB's funding injection, as investors pondered the severity of EU bank problems.

Another choppy day on the markets saw equities hit their highest levels in a week, after the ECB's 3-year long-term refinancing operation was announced. The amount of money borrowed came in at a hefty €489 billion – at the higher end of expectations – with 523 banks taking advantage of the facility. After this initial sugar pill had dissolved, investors began to realise the heavy uptake may not be such a good thing, given that the number of banks tapping the facility highlights the serious problems inherent in the European banking sector.


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