{"id":29263,"date":"2012-04-25T07:04:18","date_gmt":"2012-04-25T11:04:18","guid":{"rendered":"http:\/\/countingpips.com\/forex-news\/?p=29263"},"modified":"2012-04-25T07:04:18","modified_gmt":"2012-04-25T11:04:18","slug":"european-central-bank-great-white-fear-takes-a-bite-out-of-recovery","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex-news\/2012\/04\/25\/european-central-bank-great-white-fear-takes-a-bite-out-of-recovery\/","title":{"rendered":"European Central Bank: “Great White Fear” Takes A Bite Out of Recovery"},"content":{"rendered":"

EWI’s Global Market Perspective foresaw the shift in European banks from lenders to savers via one remarkable chart <\/span>
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By Elliott Wave International<\/span><\/h3>\n

It’s been over two years since the European Central Bank began its open-heart surgery of the eurozone’s anemic economy. So far, the procedure has included an unprecedented $3 trillion-plus in bailouts, monetary transfusions, AND toxic debt transplants.<\/p>\n

Yet, according to a recent slew of discomforting news reports, the economies across the pond would still flatline in seconds without constant life support. Here, an April 18, 2012, Wall Street Journal<\/em> writes:<\/p>\n

“Europe Hemorrhages through Refinancing Operation Band-Aid”<\/em> and reveals that Europe’s banking sector has wolfed down three years of Long Term Refinancing Operations (LTROs) in under four months.<\/p><\/blockquote>\n

The question is — what went wrong?<\/p>\n

Well, to answer this, we have to go back to the drawing board to mid-2010. It was then that the European Central Bank and company released the rescue-package Kraken<\/strong> via a $1 trillion bailout of Greece and a full-fledged initiation of its LTRO.<\/p>\n

And, as the following May 10, 2010, news items make plain, this credit-reflating beast was set to tear Europe’s economic bear to shreds:<\/p>\n