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The problem for these same banks , is that while they engaged in the greatest ECB-backstopped leap of faith ever, and scrambled to buy every last piece of insolvent paper they could find, even as the host governments engaged in absolutely no structural reforms … If not, then Mario Draghi's OMT is not only about to be tested, but once said test fails, the ECB president will be scrambling to come up with even bigger and more bombastic promises that all shall be well.
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When Hope Fails: Why Italian Banks Better Be Praying Draghi Can …
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