With the world focusing on the latest disinformation from the BLS, one would be forgiven to miss the Bank of Italy's monthly balance sheet aggregates data [4]. A quick perusal thereof reveals that in March, Italian banks saw their ECB support surge from €195 billion to €270 billion, the highest ever, 39% more than in February, and 776% more than greater than a year earlier, and now merely the latest parabolic curve to love and hold dear. Indicatively, on the chart below we have also added Spanish bank borrowings from the ECB (still pending a March update), which in February were also at an all time high of €152 billion. So aside from this last recourse lifeline from the ECB which is now openly keeping Europe's banks afloat, "the crisis is nearly over" to quote Mario Monti.
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