Lots grunting and flashing lights from the global virtual central bank (see prior post). But results, if any, need to be seen here in, hopefully, the next few days:

Exhibit 1: Interbank lending, 7 October data via Bloomberg

Alternatively, we can look forward to a few more banks/nations doing an Iceland and going €4bn into hock to Messers Medvedev & Putin with an economy based (as of this week) largely on pulling cod out of the North Atlantic.

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