http://bit.ly/aCpAV0
"There has been a liquidity surplus of €340 billion and it has come down to around €100 billion. A surplus of €100 billion sounds like a lot of money, but at the start of a new reserves period it can disappear, and anyone who needs short-dated cash will just find it's not there. Consequently, rates can go quite sharply higher. There's certainly a lot of event risk with the ECB right now."-thanks Risk.net
