The European Central Bank’s efforts to inject funds into the Eurozone banking system are showing signs of success in preventing a credit crunch, ECB President Mario Draghi said Friday. Speaking to the World Economic Forum here, Draghi noted that banks have begun raise funds again in the unsecured bond market and have so far been able to repay a huge amount of debt coming due without tightening credit conditions. “We have avoided a major, major credit crunch and a major funding crisis,” Draghi said. The ECB has no evidence yet that the funds borrowed from the ECB are being lent by banks to support economic growth, ... (full story)