At 10:20GMT today we will know how much money has been borrowed under the ECB's LTRO scheme, which is being used to sandbag banks in the likely event of a sovereign debt default.
The ECB claims that the money will be used to stimulate growth, the reality is that it will be placed by the banks at the ECB to be used when the forthcoming Greek default causes a run on the banks.
For what it is worth, I am taking a non financial punt on LTRO being around Euro650BN.
