NOW IN OUR 10TH YEAR!

Italy Is Closer To Collapse Than Anyone Realized, And So Is The World

Italy Is Closer To Collapse Than Anyone Realized, And So Is The World

http://static7.businessinsider.com/image/4ed281496bb3f7ea0300000f-398-298/italy.jpgSome stories in European press (La Stampa -) suggest that Italy is working on a very big loan package from the IMF. I have no doubt that there are ongoing discussions. There has to be. Either someone puts a finger in the dike or Italy goes tapioca.

That thought is difficult for me to fathom. How could we be so close to the brink? At this point there is zero possibility that Italy can refinance any portion of its $300b of 2012 maturing debt. If there is anyone at the table who still still thinks that Italy can pull off a miracle, they are wrong. I’m certain that the finance guys at the ECB and Italian CB understand this. I repeat, there is a zero chance for a market solution for Italy. Either the ECB (aka Germany) steps in and underwrites the debt with some form of Euro bonds or the IMF (aka the USA) steps in with some very serious money.

more

Zero Hedge link

Views: 51

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

Photos

  • Add Photos
  • View All

 

 

Please remember this website is supported by your donations...

© 2018   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2015 - all rights reserved. unless otherwise noted