Eurozone Crisis Vital Signs

The largest ripples in short-term bank funding rates since Lehman's 2008 collapse were caused by turmoil surrounding the first Greek bailout early last year. Moves in short-term rates have been dulled by the massive amounts of liquidity central banks have injected into the financial system and by the fact that many of the weakest institutions have been rationed out of money markets. The data here shows rates after the Federal Reserve cut its target for overnight funds to near zero in December 2008.

In an alarming sign, short-term bank funding rates have started to climb again recently.