23/05/18

Italy Went Boom A Long Time Ago (And That's The Point!)



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Italy Went Boom A Long Time Ago (And That's The Point!)
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Authored by Jeffrey Snider via Alhambra Investment Partners,

On June 21, 2017, Italy's Parliament approved Law #96. The new regulation altered Law #130 of 1999. Pertaining to limitations on the activities of Special Purpose Vehicles (SPV), the 2017 amendment expanded their scope. The intention was clear; SPV's were going to be used as the primary method of cleaning up Italian banks as a conduit for the country's mountain of bad debts and non-performing loans (NPL).

Less than a month later, the sales team at the accounting firm PwC (what used to be known as PricewaterhouseCoopers) actually and intentionally described Italy's NPL problem as the "place to be."

The Italian NPL market is now ....

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