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  • Last week the ECB lent a total of 467 billion euros to European banks, or should I say to banks which have some sort of operating facility inside the 15-country euro area - although with banks like HBOS, UBS and even Australia's Macqarie on the list, the term European is getting to be a bit stretched - and in return had been accepting a broader range of collateral to back the loans than has been
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