With Greek economic and political uncertainty dragging on, Spain has come to the fore in recent days; and with the southern European banking system confronting unprecedented funding difficulties the President of the ECB, Mario Draghi, came out yesterday in an attempt to calm markets with assurances that while markets remain volatile and liquidity tight, eurozone indicators and soft data has provided no reason for immediate action. As such, LTRO 3 is yet to make an appearance; nonetheless Europe's Ben Bernanke has made it clear that he stands ready to act.
Perhaps this cartoon is jumping the gun a little, or maybe it's a glimpse into the future; but in any case here's my cartoon showing Super Mario Draghi taking some drastic long term refinancing action!
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