The Press Article I sent you was entitled "Too big to Fail"?......there are several articles online that express the same opinion.......I can keep posting them if you want.....Forbes, FT, NY TimesOriginally Posted by drillerpie
Basically Italy is bankrupt....you said yourself that it was down to previous governments?.......so Italy borrows money from the ECB under strict instructions (from Germany) that the money is NOT to be used to bail out it's banks......I forget the EU directive, but I can find it if you like
Italy "engineered" a bailout via a 3rd party bank and they bought the "failing banks" for 1 Euro.......then it borrows even more money from the ECB.....I have sent you the figures
The EU/ECB know that they cannot foreclose on the debt.....it would collapse the EU/ECB.......so they allow it to continue
It's a bit like me owing you £20,000......but my Mexican hovel is only worth £10,000......I then ask to borrow another £5,000 BUT you know I have gambling debts and you're worried that I'm going to walk away from your debt and collapse your business.......you will lose £10k!! ......you lend me another £5k on condition I DON'T pay off my gambling debts....so I engineer a deal where my cashflow pays BET365.......then borrow even more off you
I'm now your best customer......if I "go under"......so do you
This used to be a point of discussion at every single meeting at Home Brewery/S&N/Heineken......who is "going under".....and then weigh up our debts v secured loans v potential profits.....Tim Martin at Wetherspoons, Derek Mapp at Tom Cobleigh........we even went into the MLSB to collect cash out of the till after the Notts faithful had left.....Scardino was when we sat around and said....no more
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