Just another straw on the Camel’s back.

Asylum Watch

What is LIBOR and why should we care? Let’s start with the first part of the question.

From Wikipedia:

The London Interbank Offered Rate is the average interest rate estimated by leading banks in London that they would be charged if borrowing from other banks.[1] It is usually abbreviated to Libor (play/ˈlbɔr/) or LIBOR, or more officially to BBA Libor (for British Bankers’ Association Libor) or the trademark bbalibor. It is a benchmark, along with the Euribor, for interest rates all around the world.[2][3]

Libor rates are calculated for different lending periods: overnight, one week, one month, two months, six months, etc., and published daily at 11:00 by the British Bankers’ Association.[4] Many financial institutions, mortgage lenders and credit card agencies set their own rates relative to (and typically higher than) Libor.

Libor is…

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