The LTRO Was An Important Step: Summers

3:45 AM ET Fri, 27 Jan 2012

Larry Summers, economist and Charles W. Eliot University Professor at Harvard University, told CNBC, "I think the LTRO will be remembered as an important step. It is providing very substantial liquidity in Europe that is lubricating both credit and economic activity, the sense that we are near the edge of a precipice has been walked back considerably."