Atlas Rescue Phase II: Italy Eyes Another Private Deal to Bail Out Banks

July 20, 2016

by Mike ‘Mish’ Shedlock
Mish Talk

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.

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