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.
If Argentina or China were doing this could you imagine the hue and cry???
ReplyDeleteWhy doesn't the UE designate a "bad country" and just dump all the debt there? Oh, wait... they already have the PIIGS.
ReplyDeletehttp://www.washingtontimes.com/blog/inside-politics/2012/dec/8/california-state-revenue-misses-projection-almost-/
ReplyDeleteYes, 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.
ReplyDeleteSorry, I can be impatient at times. ;-)
ReplyDeleteA subject near-and-dear to ourr hearts:
ReplyDeleteThe Epic Implosion Of The Green Energy Bubble
Read more: http://www.businessinsider.com/renixx-renewable-energy-index-decline-2012-12#ixzz2Ef4OZCII