Spain @Full Ponzi (Revisited)

This just in, the ECB has already recanted and signalled the potential for another LTRO immediately if needed.  That didn't take long, no wonder gold was up 3% on Friday.  Meanwhile, the first two LTROs lasted only 5 months before they fell apart, so which Spanish bank is going to step into the breech now to buy Spanish Gov't debt knowing that any 'sugar rush' will likely last at most a few weeks and leave the banks even further behind the eight ball.  Or, will they cash in their Spanish Gov't bonds as collateral, and use the new LTRO money to buy U.S. Treasuries (or German Bunds), thereby giving a one finger salute to the ECB.  Under that scenario the ECB would lose all credibility and would be forced to buy up Spanish Gov't debt directly - or face Spain's default.  And notice, how this whole LTRO3 is packaged under the guise of  'greater fiscal integration' which read-between-the-lines could take between several months and likely never to implement i.e. it's just political top cover for the ECB (see point #7 below).  Lastly, notice that Germany finally called the bluff on all of these copious jackasses who are saying Germany needs to be less rigid and inflexible regarding Eurobonds (aka. subsidies for bankrupt countries).   Germany says sure we can talk Eurobonds as long as we also discuss fiscal integration aka. fiscal discipline under German control.  As they say, careful what you wish for, you just may get it...