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Threat of a European Banking Crisis Is Receding: Expert

Thursday, 26 Jan 2012 | 3:40 AM ET

Huw van Steenis, head of European Banks Research at Morgan Stanley, told CNBC, "I think the market is underestimating quite how important the ECB's infusion of liquidity is to the banking system. For me it means that no major bank will go bust for the next three years."