Trouble in Europe: Euribor Rates Rocket Higher

The Euro Interbank Offered Rate (Euribor) is a daily reference rate based on the averaged interest rates at which banks offer to lend unsecured funds to other banks in the euro wholesale money market (or interbank market).

Take a look at the Euribor rates today:

(click to enlarge)

The spread is as high as 2007/2008, just before things hit the fan