Yesterday, we reported that the Bloomberg news that one of the world's largest independent energy merchants - the secretive Trafigura which trades hundreds of billion in commodities every year - was facing "margin calls in the billions of dollars" which meant that the commodity "margin call doom loop" idea floated by repo guru Zoltan Pozsar was finally coming true, and despite Barclays' earnest attempts to minimize its impact, could threaten broader financial stability and was manifesting itself in broad liquidity squeezes which could be observed in the surge in such unsecured funding markets as the FRA-OIS.

Well, Zoltan was spot on again, because one day later, on Wednesday morning, the FT reported that Europe's largest energy traders have joined insolvent bank in calling on governments and central banks to provide "emergency" assistance to avert a cash crunch as sharp price moves triggered by the Ukraine crisis strain commodity markets.