Steen Jakobsen: Europe's North South Divide Getting Larger

Steen Jakobsen, chief economist at Saxobank, told CNBC, "It is very significant that everyone is calling the all clear for Europe that the LTRO has worked; in reality the picture is very different. If you look at the performance of the IBEX the Spanish market, of the Portuguese PSI index, they are trailing the rest of Europe by 26%."