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Chinese Bank With $100 Billion In Assets Is Bailed Out
Chinese Bank With $100 Billion In Assets Is Bailed Out Step aside Baoshang Bank, it’s time for Chinese bank bailout #2. Last Thursday, when reporting on the imminent failure of yet another Chinese bank in the inglorious aftermath of Baoshang Bank’s late May state takeover, we dusted off a list of deeply troubled Chinese financial institutions that […]
How An Italian Debt Crisis Could Take Down The EU
How An Italian Debt Crisis Could Take Down The EU Plagued by another run of bank bailouts and simmering tensions between the partners in its ruling coalition, Italy’s brief reprieve following the detente between its populist rulers and angry bureaucrats in Brussels is already beginning to fade. As Bloomberg reminded us on Monday, Italy’s $1.7 trillion pile of […]
Turkey’s Debt Crisis Deepens, Erdogan Bails out Banks His Way
Turkey’s Debt Crisis Deepens, Erdogan Bails out Banks His Way Shifting bad consumer & business debts from banks to the public, but the way this bank bailout got packaged is pretty nifty. Turkish President Recep Tayyip Erdoğan has launched a raft of measures ostensibly designed to reanimate the economy, including offering direct financial support for […]
Italy’s New Government Eats Its Words, Joins Bank Bailout Club
Italy’s New Government Eats Its Words, Joins Bank Bailout Club Well, that didn’t take long. And whatever happened to the Eurozone’s new bail-in rule? Italy’s government, in its eighth month in power, has already bailed out a bankrupt bank, mid-sized Banca Carige, with public funds. If approved by European Commission and the ECB, it will […]
Italy’s newest bank bailout cost as much as its annual defense budget
Italy’s newest bank bailout cost as much as its annual defense budget Two more Italian banks failed over the weekend– Banco Popolare di Vicenza and Veneto Banca. (In other news, the sky is blue.) The Italian Prime Minister himself stated that depositors’ funds were at risk, so the government stepped in with a bailout and […]
Hayes: “A Lot Of What I Know Even The DOJ Is In The Dark”
Hayes: “A Lot Of What I Know Even The DOJ Is In The Dark” An exclusive excerpt from the hot new financial and legal thriller “The Spider Network” by David Enrich The small ski resort town, nestled in the mountains outside the city of Karuizawa, was a popular destination for day trips for Japanese families. Bustling during the […]
Who Exactly Benefits from Italy’s Ballooning Bank Bailout?
Who Exactly Benefits from Italy’s Ballooning Bank Bailout? Italy’s third largest bank, Monte dei Paschi di Siena, is not insolvent, according to the ECB; it just has “serious liquidity issues.” It’s a line that has already been heard a thousand times, in countless tongues, since some of the world’s largest banks became the world’s biggest public […]
Bank Bailout Balloons, Tab for Italian Banking Crisis Soars
Bank Bailout Balloons, Tab for Italian Banking Crisis Soars Monte dei Paschi di Siena sinks deeper into the mire. Over the Christmas holidays, when no one was supposed to pay attention, and when the markets were closed, the bailout costs of Monte dei Paschi di Siena, the third largest bank in Italy, and the center […]
Italy To Nationalize Monte Paschi After Private Sector Rescue Fails
Italy To Nationalize Monte Paschi After Private Sector Rescue Fails Update: the FT writes that the Italian govt set to take a stake between 50% and 70% in Monte dei Paschi, up from the current 4% stake, as part of the government’s third bailout in as many years. As the FT adds, “the government rescue, which had long […]
Bank of Italy Bails Out Four Banks
Bank of Italy Bails Out Four Banks The European banking crisis is brewing. Last month alone, the Bank of Italy poured €3.6 billion euros into Banca Marche, Banca Etruria (PEL.MI), CariChieti, and CariFeto to prevent their collapse. The money was funded by financing from healthy banks. This is precisely how the banking crisis began in […]
The Great Greek Bank Robbery
The Great Greek Bank Robbery ATHENS – Since 2008, bank bailouts have entailed a significant transfer of private losses to taxpayers in Europe and the United States. The latest Greek bank bailout constitutes a cautionary tale about how politics – in this case, Europe’s – is geared toward maximizing public losses for questionable private benefits. […]
