Sunday, December 09, 2012


SAREB is Spain's latest attempt to paper over their broken banking systems.

Reuters -Under the scheme, which is based on Ireland's experience in restructuring its banks, solvent lenders move bad loans and repossessed property into the new entity at a discount to their face value and receive state-backed bonds in return.
"There are huge logistics involved. You need lawyers, infrastructure, technological servicing. That is not set up," said a banker advising potential international investors in SAREB.
"Our feeling is it's complete chaos."
Extend and pretend.  


w said...

If Argentina or China were doing this could you imagine the hue and cry???

TJandTheBear said...

Why doesn't the UE designate a "bad country" and just dump all the debt there? Oh, wait... they already have the PIIGS.

TJandTheBear said...

Rob Dawg said...

Yes, it was even worse in several respects. It also lays bare the lie of Prop 30. I'm working on the data. A post will be up in the morning. Stop stealing my topics. Now I have to go back and give you credit.

TJandTheBear said...

Sorry, I can be impatient at times. ;-)

Cinco-X said...

A subject near-and-dear to ourr hearts:
The Epic Implosion Of The Green Energy Bubble

Read more: