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ECB Caught Using Fictional Rating System for Italian Bonds Used as Collateral for Loans

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ECB Caught Using Fictional Rating System for Italian Bonds Used as Collateral for Loans (via Market Shadows)

Courtesy of Mish. Spiegel online has an article on the non-transparent as well as fictional way the ECB treats Stripped Bonds (Strips) of Italian Banks handed over to ECB as collateral for loans. Currently ECB rates various Italian Strips with an “…

 

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