ECB emergency loan program targeted at struggling small banks, says Draghi

EUROPE'S beleaguered banks are widely expected to borrow about €250 billion ($328.3bn) from the European Central Bank tomorrow when it offers three-year emergency loans for the first time.

The ECB, which said this month it would provide the so called three-year longer-term refinancing operations, hopes that it will ease banks' funding problems and so help small and medium-sized businesses.

The Australian