I had no idea that that was happening. Though of course I had heard, along with everybody else, that European banks are entirely unwilling to extend credit to peripheral-country banks generally and selected weaker banks in core countries, I had assumed that that was simply every-man-for-himself prudentialism. Though that news is stunning enough, it's the conclusion the author draws from it that had me admiring its neatness:
We have arrived at the paradox of having a single currency with 17 bank and public debt markets segmented by national borders, charging their customers different interest rates. Such a situation cannot last long.