Tuesday, January 29, 2013

Italian Finance Minister attempts to explain why the third dose of aid for Monte Paschi Bank is NOT a Bailout...... and water is NOT wet by the way.....

http://www.zerohedge.com/news/2013-01-29/italian-finmin-grilli-monte-paschi-bank-solid-aid-not-bailout

Just look at the spin here ... aid is not a bailout ! After these doses of aid , why isn't the patient better Doctor ?


Italian FinMin Grilli On Monte Paschi: Bank Is Solid; Aid Is Not Bailout

Tyler Durden's picture




Following his impromptu discussion early this morning with Mario Draghi, Italy's finance minister has proudly stepped before the cameras to discuss the farce that has become Monte Paschi. In a stream of seemingly incredulous hypocrisy, the minister explains that:
  • *GRILLI SAYS MONTE PASCHI IS SOLID
  • *MONTI BOND HELPED MONTE PASCHI MEET EBA RULES: GRILLI
  • *GRILLI SAYS OVERSIGHT OF MONTE PASCHI WAS CONTINUOUS, THOROUGH
  • *GRILLI SAYS GOVT AID TO PASCHI NOT TO HELP AN INSOLVENT BANK
    • *GRILLI SAYS ITALY BANKING SYSTEM UNIQUE FOR NO BAILOUTS
    Indeed, it seems that Juncker-ism has leaked across to all the ministers as a new realm of reality strikes the Italian banking system. So the 'bank is solid', 'aid is not a bailout', and 'water is not wet'.