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ECB Loans Seen as Underwhelming in Acid Test for Draghi

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Mario Draghi is about to get an idea of how far reality falls short of his intentions.

A round of long-term loans by the European Central Bank to lenders this week won’t even cover the repayments they owe from a previous program, according to a Bloomberg News survey of analysts. The operation could show that stimulus measures the ECB president says are “intended” to add as much as 1 trillion euros ($1.23 trillion) to the financial system won’t suffice without large-scale buying of assets such as government bonds.