Sunday, December 09, 2012

ScAR-E-Bank

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."
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Extend and pretend.  

6 comments:

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...

http://www.washingtontimes.com/blog/inside-politics/2012/dec/8/california-state-revenue-misses-projection-almost-/

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: http://www.businessinsider.com/renixx-renewable-energy-index-decline-2012-12#ixzz2Ef4OZCII