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Re: Italian economic collapse bigger threat to EU that Brexit.
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Originally Posted by Hugh
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From that:
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The Italian government has around EUR 53bn, or 3% of GDP, in outstanding arrears as of 2018. Only about EUR 10bn (0.6% of GDP) of these arrears were included in the public debt figures, on the basis of European statistical rules.
As such, the securitisation of these public sector arrears in and of itself is not bad. The formalisation around the terms of repayment via securitisation could indeed accelerate the debt’s repayment or, alternatively, facilitate conversion into a useable tax rebate. Moreover, the transition of arrears into a tradeable security would expedite their removal from the balance sheets of government suppliers,
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Isn't that the kind of fiscal slight of hand that got us all in the crap 11 years ago?
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The wheel's still turning but the hamsters dead.
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