During the height of the EuroCrisis last year, the spreads and overall risk conditions in Europe were pronounced. However, after the LTRO and the backdoor bailout from the FED, that all changed.
Even with yields rising and worry about the overall EuroZone, it appears as though the liquidity risk has subsided somewhat. Hard to believe.
While there is still a great deal of apprehension, the fact remains that the money that was pushed into the system has provided some relief.
Below are the key metrics we look at. Who knows what are the real numbers if we did not have the $$$$$$$$$ pumped in…