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European Liquidity Blow Out As Euribor-OIS, USD Libor, And ECB Deposit Usage All Soar To Yearly Highs

Submitted by Tyler Durden on 09/12/2011 09:04 -0400

There are only three charts that matter currently for a snapshot of the liquidity pulse in Europe. And unfortunately, it continues to be in V-Fib, according to the Euribor-OIS (spread between central bank and interbank borrowing or explicit riskiness in non-printing press backstopped market), the 3M USD LIBOR (or the funding need for USDs), and the ECB Deposit Facility Usage (lack of safe alternatives on where to plant bank cash). Well, the first is at 84.9bps, +2.9, the widest since March 19, 2009, the second is at 0.343, up from 0.338%, and the widest since August 18, 2010, and deposit facility usage is at €182 billion, the widest since July 2010.

Euribor-OIS

3M USD Libor...keep pressing those Credit Agricole CDS

And ECB Deposit Usage:

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Mon, 09/12/2011 - 09:06 | 1659154 LawsofPhysics

This isn't the liquidity problem you were looking for, move alone... move alone...

Mon, 09/12/2011 - 09:09 | 1659164 spiral_eyes

Massive spike in the reverse repo agreements with the Fed, too.

Euribor spike + reverse repo spike = massive fear among baning establishment.

What do they know that the hopium-addicted market doesn't?

http://azizonomics.com/2011/09/11/big-change-for-europe/

Mon, 09/12/2011 - 09:21 | 1659226 DeadFred

And yet, if the volume is low, those cute, lovable algos will rally us off the morning lows. Insane.

Mon, 09/12/2011 - 09:31 | 1659271 LawsofPhysics

You know it will be, especially with TPTB doing everything that they can to interupt public trading today.

Mon, 09/12/2011 - 09:10 | 1659168 unky

Yes, really strange how there is such a liquidity problem with billions of central bank money flowing arround in the system

Mon, 09/12/2011 - 09:15 | 1659188 Crisismode

Not really all that strange.

The CBs print and give it to the banks.

The banks sit on it, and it goes absolutely nowhere.

The CBs can keep shoveling the ones and zeros down the network pipe, and the banks digital vaults open for the stream, andthen lock up tight thereafter.

This will continue until it cannot.

Mon, 09/12/2011 - 09:18 | 1659206 Mike2756

They didn't print enough, they have to print more money!

Mon, 09/12/2011 - 09:07 | 1659155 Flakmeister

Shit is about to get very real....

Mon, 09/12/2011 - 09:10 | 1659173 Greater Fool

Oh, I think we still have a way to go. Tune up the sovereign credit crisis to its highest pitch, throw one big bank failure into the mix, and then stand back. Until then it will at least seem plausible that all might be well.

Mon, 09/12/2011 - 09:15 | 1659196 Flakmeister

I gotta fire up charts of the TED and other spreads leading up to Lehman....

You cannot predict the exact moment of implosion, but I give it 2 more weeks, tops, before something gives. Think of Greece being the equivalent of Fannie and Freddie going into conservatorship

Mon, 09/12/2011 - 09:37 | 1659236 prains

I think Greece has enough money until October 17
And enough ouzo until the 18th

Mon, 09/12/2011 - 09:07 | 1659156 CheapKUNGFU

All your blowouts are belong to us... make your time!

Heh

Mon, 09/12/2011 - 09:08 | 1659157 ZeroPower

Surprised no official GRE default over weekend. For serious, how much more can that country bleed. Will we see their CDS be the first to reach 10k?

Mon, 09/12/2011 - 09:27 | 1659254 DeadFred

Anyone know what their payment schedule is? No one loses their house to the bank before the mortgage payment is due so Greece won't default until they have a payment they can't make. When are the next glops of their life blood due?

Mon, 09/12/2011 - 09:08 | 1659159 Moneyswirth

There is no European bank liquidity crisis. The ECB has told us so.

Mon, 09/12/2011 - 09:08 | 1659161 SMG

Hey, does it smell like smoke in here?

Mon, 09/12/2011 - 09:09 | 1659165 Gandalf6900

I feel some liquidity in my underpants

Mon, 09/12/2011 - 09:51 | 1659314 Founders Keeper

"You shall not PASS!"

Mon, 09/12/2011 - 09:09 | 1659166 taraxias

But...but.....but.....I thought that asshole said "Boring world we live in"

PSML

Mon, 09/12/2011 - 09:21 | 1659224 tmosley

It's funny, the other day he implicitly accepted the fact that Greece would default as part of his "boring world" crap.

Mon, 09/12/2011 - 10:18 | 1659414 falak pema

I think his sense of boredom has driven him to amazed silence...

Mon, 09/12/2011 - 09:10 | 1659167 Racer

Don't worry the PPT are hard at work at this very minute pumping futures

Mon, 09/12/2011 - 09:10 | 1659171 Tense INDIAN

OH LORD !!! Some good news....so that I can short from a Higher level as soon as possible

Mon, 09/12/2011 - 09:10 | 1659172 MFL8240

This expalins why Gold is down in the Chicago sewer.

Mon, 09/12/2011 - 09:11 | 1659176 Moneyswirth

The talking heads on CNBC are shocked...SHOCKED...that markets can actually go down.

Mon, 09/12/2011 - 09:11 | 1659177 Sequitur

"Um, did a cow shit in here?" -- ECB bank vault + worthless euro confetti.

Mon, 09/12/2011 - 09:11 | 1659178 Rockfish

Jamie Dimond is crying means we are getting closer to the truth.

Mon, 09/12/2011 - 09:38 | 1659285 spiral_eyes

dimons are forever, bitchez.

Mon, 09/12/2011 - 09:12 | 1659179 Careless Whisper

The Morning Careless Whisper Report

German Minister: Greece Must Be Forced To Fly Its EU Flags At Half-Mast In Shame

http://www.spiegel.de/international/europe/0,1518,785365,00.html

NYC Potholes Go Unfixed; Bloomberg Officials Classify Them As "Street Defects"

http://www.nypost.com/p/news/local/brooklyn/this_is_not_uLJUo4iKd1WqfPZv...

China Government Calls GM's Hummer "Gas-Guzzling Junk"

http://www.detnews.com/article/20110912/AUTO01/109120352/Wikileaks-detai...

Pilot Scared, Tells NORAD To Scramble The F-16s; Hetero Couple Joins Mile High Club In Very Long Romp

http://travel.aol.co.uk/2011/09/12/pilot-reports-security-issue-turns-ou...

Florida Judge Upholds Right To Self Defense In Home

http://www.sun-sentinel.com/news/local/palmbeach/pb-boat-murder-charges-...

Dad: Too Much Detox Killed Amy Winehouse

http://www.guardian.co.uk/music/2011/sep/12/amy-winehouse-detox-mitch-wi...

Illegal Pesticides Found In Chinese Vegetables

http://www.greenpeace.org/eastasia/news/blog/banned-pesticides-detected-...

Mon, 09/12/2011 - 09:15 | 1659192 SheepDog-One

DANG! So Amy Winehouse had too much blood in her alcohol/heroin system?

Mon, 09/12/2011 - 09:17 | 1659198 Flakmeister

Gas-guzzling junk.... yeah, I'll go with that.

Mon, 09/12/2011 - 09:21 | 1659221 SheepDog-One

Hell I could have told China that before they bought Hummer, theyre junk behemoths not much good for anything at all and anyone I know who owns one is a complete jerk.

Mon, 09/12/2011 - 10:07 | 1659382 Abitdodgie

Have you noticed that all H3 drivers are small blonds ?

Mon, 09/12/2011 - 10:25 | 1659451 M.B. Drapier

Pilot Scared, Tells NORAD To Scramble The F-16s; Hetero Couple Joins Mile High Club In Very Long Romp

Still not as good as the biohazard alert which was called when BA (I think) staff discovered a mysterious white powder on a toilet lid in a plane flying (iirc) NY-London during the anthrax scare.

Dad: Too Much Detox Killed Amy Winehouse

Seems similar to poor Keith Moon's death.

Mon, 09/12/2011 - 09:12 | 1659180 mikmid

drizzle drazzle, drizzle drone time for europe to explode.

Mon, 09/12/2011 - 10:19 | 1659421 Seize Mars

Mr. Wizard!!!

Mon, 09/12/2011 - 09:13 | 1659183 Max Cynical

Is anyone else having problems with ZH loading super slow?

Mon, 09/12/2011 - 09:27 | 1659252 prains

No, but GRE is

Mon, 09/12/2011 - 09:14 | 1659187 SheepDog-One

Bernank needs to be strung up with piano wire for sending $1 trillion bailout to Europe, down a black hole. Its bad enough he did it here, but sending it to Europe is outright treason.

OK Bernank now you have 8 days until D-Day, what are you gonna do fuknut? Just sit there and pump futures? Thats all ya got?

Mon, 09/12/2011 - 09:30 | 1659269 Everybodys All ...

Definately.

Mon, 09/12/2011 - 09:18 | 1659205 ISEEIT

Not to worry. Everything is under control. The only problem I can see is the assuredly temporary USD strengthening crisis. I have full faith however that the authorities are all over that one.

Mon, 09/12/2011 - 09:21 | 1659223 Sudden Debt

LAST STOP, THE END OF THE LINE!

PLEASE MIND THE GAP!

Mon, 09/12/2011 - 10:05 | 1659374 Flakmeister

So 3 month LIBOR is higher that the 2 year note....

Shit like this always ends well...

Tue, 09/13/2011 - 22:00 | 1665983 moxia19

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European Liquidity Blow Out As Euribor-OIS, USD Libor, And ECB Deposit Usage All Soar To Yearly Highs

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