It's getting very serious over there.
The London Stock Exchange is becoming the lender of last resort for many banks in Italy as concerns over the country’s debt levels squeeze liquidity out of the Italian financial market. With cash increasingly hard to come by, Italy’s banks are turning to CC&G, the L.S.E’s Italian clearinghouse, for short-term lending. That includes some of the country’s largest financial institutions, including Unicredit and Mediobanca, according to a person close to the situation. --Vox quoting Ticker
CC&G is actually lending the banks cash deposits (collateral) of CC&G's customers. Does that resemble what Corzine did? Yes.
Subscribe to: Post Comments (Atom)
Post a Comment