Daniela Gabor at UWE tweeted an interesting article on Reuters describing troubles in money markets due to a 'shortage' of high quality sovereign bonds in the Eurozone. The proximate cause is the launch of the ECB's quantitative easing program. The cause of that being the persistent below target inflation and depressed real activity. And the cause of that being a GLUT of sovereign bonds. A shortage ultimately caused by a glut?! This it not necessarily a contradiction, since the glut would correspond to lower quality bonds issued in desperation.