This page has been archived and commenting is disabled.   Tyler
Durden's picture    And so Europe is left to fend on its own,
with the mere mention of the possibility of failure being
completely ignored, as the mere contemplation of failure is not
only no longer an option, but apparently an outright admission
of defeat. Needless to say, the fact that European banks have no
way to hedge anything any more, CDS trading having been killed,
thank you ISDA, and now supervisory bodies themselves telling
banks to not even consider Plan B, is enough reason why the LTRO
will be an abysmal failure.  Because one does not need to be a
rocket scientist to realize that when everyone is telling you
that even Plan B is improper, then it is all too clear there is
absolutely no Plan Whatever.  As the WSJ captions it best:  It
is a relatively minor setback for banks, as they look at
everything from loan agreements to the safety of their branch
staff in the event of one country's withdrawal from the euro
currency.   But it illust