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John Lanchester: The Biggest Scandal of All, 4 July 2013
“... credit crunch was: banks being too scared to lend to each other. In the very dry words of Mervyn King, the then governor of the Bank of England, Libor became ‘in many ways the rate at which banks do not lend to each other’. Euribor, the Eurozone version of Libor, is at the moment even worse, since in very many cases these banks would be more likely to ... ”