The European Central Bank Has Alloted $713 Billion To Banks In LTRO

I just need this explained to me like I am a two year old. European Banks are going to get cheap loans from the ECB, and I am guessing none of them will buy government bonds as the sovereign debt crisis remains a scarry domino threat. In essence, I am looking to understand where this $713bil comes from, when everyone at the moment is moaning about not having money?

The above sorts out the banks but does not sort out the countries. This video is old, but it really sums up the joke of this whole mess. Someone tells you they can't pay you as they owe you money. You claim to be broke because you are not getting paid back by someone who claims they can't pay you back the money they borrowed. So the solution is for you to lend them more money. Where does this money come from if everyone claims to be broke?

This video pretty much sums it up!