European banks are facing a cash flow crisis of $1.2 trillion. In particular, they have to pay back about €478 billion of ultracheap loans issued by the European Central Bank (ECB). What’s more, they have to be paid back by the end of June. In fact, the loans were part of a program, known as targeted longer-term refinancing operations (TLTROs). However, the program is coming to an end. Therefore, they could increase the pressure on more fragile eurozone banks and economies. J