ECB's reversal, covenant lite vulnerability, and delinquent mortgages

ECB stimulus

The biggest development today was the ECB's announcement that it is reversing its stance on stimulus and offering new bank loans:

The European Central Bank signaled a major policy reversal Thursday, flagging plans for fresh measures to stimulate the eurozone’s faltering economy less than three months after phasing out a €2.6 trillion ($2.9 tr…

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