A key interbank rate has jumped 9 per cent, indicating fears about the health of eurozone banks when 1,121 of them must repay €442bn to the ECB on Thursday. The rate at which banks lend to each other in euros, euribor, has only recently started climbing, following dramatic falls since the crisis.

Market reaction might seem belated, given how widely trailed this liquidity halt has been. A story this morning about Spanish banks lobbying the ECB has probably helped. Read more