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 economie