cbn statement, 2012-07-24
While the effort to fix banks and sovereign balance sheets by the European Central Bank using long term refinancing operations eased funding constraints and broadly rallied the assets markets, these gains were short-lived due to the intensification of policy uncertainty after the Greek and French elections, strong dampening effects of the financial fragility in the Euro Area peripheral states and public resistance of austerity measures.
Sentiment: neutral
Topic: mp_economic_activity