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Subject: at a second auction of three-year money gen. Investors had expected a deal; that the European Central Bank (ECB) stands ready to lend hundreds of billions of euros to banks at a second auction of three-year money, on February 29th, had also dulled the market’s senses.
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| We could rephrase "a second auction of three-year money" as "a second sale of three-year loans [i.e., loans which must be paid over three years.]" Apparently these specific loans are also known as LTRO (long-term refinancing options.) I found this article which may help you: http://www.cnbc.com/id/46567837/What_Is_an_LTRO_Anyway |
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