No, it was just a play on words. The LTRO was about as close as the ECB has come to doing its job. The problem remains that that is not close enough. It is only a giant bandaid that only temporizes the situation. To solve the problem it is necessary to mark to market ALL the debt and then to insure that a working banking system is reestablished. That would vaporize trillions of Euros, not to mention what might happen in the hundreds of trillions derivative markets.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."