by Mike ‘Mish’ Shedlock
Atlas, the €4.25 billion fairy tale rescue plan that was supposed to bail €360 billion in bad Italian bank debts (the amount varies by the day), was such a miserable failure that Italian politicians need to rescue Atlas.
The latest proposal involves throwing another €2 billion at Atlas. That amount is supposed to bail out Atlas so that Atlas can bail out Banca Monte dei Paschi.
In a cascade of miracles, the additional €2 billion will start a cascade that will cure €360 billion in bad Italian bank debt.