Check the EURIBOR yield curve. 3M is climbing vertical since a week, already up 20 bp. That's steeper than november and december.

And it is clearly a Eurozone problem, other LIBOR currency zones are not affected (yet ?). So far, no analysis or commentary in the financial press. The curve motion doesn't appear to coincide with a quarter-end or any regulatory photo-time. It's just raising to a plateau at 3M and beyond. Could soon turn into a problem of the Frightening™ kind.

Pierre