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European Liquidity At Worst Level In Years

Tyler Durden's picture





 

While it is not all too surprising in light of news that Greece may be insolvent in 48 hours, that the ECB is about to commence printing with the abandon of a drunken chairsatan, and that New York has a "credible threat" of another terrorist attack, it is a fact that liquidity across virtually every European vertical is now at its worst levels in years, starting with the EURIBOR-OIS (or interbank/central bank funding spread), which soared by 6 bps to 81.2, or the most since March 2009, the 3M USD LIBOR rising for the 34th day in a row to 0.338% at multi-year highs, and with deposit facility usage at the ECB rising to a new one year high of €172.9 billion, an increase of €7 billion overnight. Of particular note is the dramatic deterioration at Credit Agricole overnight which hit 0.4% in the 3M USD Libor, far worse than the "self-reported" dollar funding at Barclays and RBS which as we reported earlier, are perceived as the riskiest European banks should the inevitable bond haircut take place. Just as Dexia long-CDS was the slam dunk trade of H1, is CA poised to be the H2 one?

ECB Deposit Facility Usage:

3M USD Libor by Bank:

and Euribor-OIS:

 


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Fri, 09/09/2011 - 11:19 | Link to Comment vast-dom
vast-dom's picture

<----MARKET TUMBLES PRE SEPT20-21

<----MARKET LEVITATES ON PRE-HOPIUM HOPIUM UNTIL SEPT20-21

 

Vote Biyatchez!

 

(Does this above article not point to a mini-"correction"? Or is Hopium the newest Kool-Aid flavor with the greatest punch?)

 

 

 

 

Fri, 09/09/2011 - 11:14 | Link to Comment doomandbloom
doomandbloom's picture

Transitory.....

Fri, 09/09/2011 - 11:14 | Link to Comment tawdzilla
tawdzilla's picture

Lehman Bros part duex.

Fri, 09/09/2011 - 11:14 | Link to Comment Racer
Racer's picture

Shhh, you will let the cat out of the bag and the ChairSatan and EuroDrunks will get all in a fluster

Fri, 09/09/2011 - 11:15 | Link to Comment SeverinSlade
SeverinSlade's picture

Liqudity? We don't need no stinkin' liquidity!

Fri, 09/09/2011 - 11:15 | Link to Comment DefiantSurf
DefiantSurf's picture

and now , back to your previously scheduled porn

 

Fri, 09/09/2011 - 11:17 | Link to Comment Irish66
Irish66's picture

Germany plan for Greece default

Fri, 09/09/2011 - 11:17 | Link to Comment NetDamage
NetDamage's picture

Counterpart risk, bitchez!

Fri, 09/09/2011 - 11:17 | Link to Comment Racer
Racer's picture

Wow Dax is now lower than the FTSE.. it used to be over a 1000 points higher!

Fri, 09/09/2011 - 11:20 | Link to Comment Robslob
Robslob's picture

Now I get it

1) Banking cartel knows their prior actions are going to cause another meltdown / collapse

2) Banking cartel calls military and puts them on notice

3) Banking cartel calls Governments and puts them on notice

4) Banking cartel orders terrorist attack

5) Governments seize the opportunity to take more control while people panic

6) Market tumbles

7) www.youtube.com/watch?v=CWILhrSzw5o

Fri, 09/09/2011 - 11:30 | Link to Comment prains
prains's picture

$5000 gld = tanks on the street = long bags of rice /firewood

Fri, 09/09/2011 - 11:27 | Link to Comment rambler6421
rambler6421's picture

I smell another false flag attack coming. 

Fri, 09/09/2011 - 11:41 | Link to Comment msmith
msmith's picture

USD exploding higher and EURUSD falling like a rock.  I found some good analysis reports and interesting forecasts.
 
Well the bullish USD seems to have arrived.
http://bit.ly/qwB3Ab

EURUSD looking very bearish.
http://bit.ly/oYIfxA

Interesting day for the ES today.  Only a matter of time before the larger breakdown occurs.
http://bit.ly/nlr4c9

Fri, 09/09/2011 - 11:41 | Link to Comment RobotTrader
RobotTrader's picture

 

 

Only a matter of time before we get the Obama-Bernanke "Re-substantiation Rally".

Chip stocks are already front-running it.

Fri, 09/09/2011 - 11:49 | Link to Comment Zero Govt
Zero Govt's picture

There's no need to panic... we're at Def-Con 3 with only Def-Con 4 to go but Trichet knows how to turn this into a winning situation ...contagion is a figment of the markets imagination.. thank fuk for Trichet 

Fri, 09/09/2011 - 15:42 | Link to Comment fiddy pence haf...
fiddy pence haff pound's picture

weekend. banks closed, but thanks to Zh, there were plenty of warning signs.

 

I agree that this is the beginning of a collapse, but we need to be distracted by a false flag event

so that the US/UK/GER/FR govs can slip the banks a T-note (trillion) while we're hiding under our beds.

 

 

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