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SCHELLING SAYS CAN'T SAY HOW BIG A HAIRCUT HETA CREDITORS MAY FACE
Austria "bad bank" bonds just got Lehmaned. Will need a bigger bad bank...
New EU rules to impose losses on bondholders come into play with Austrian bad bank http://openeurope.org.uk/daily-shakeup/greece-seeks-renegotiate-bond-payments-ecb/#section-9 …
So, here's the thing. As HETA is state-owned legacy asset disposal vehicle, not lending bank, trading while insolvent is not a crime, yes?
And putting HETA into an insolvency procedure would completely negate the whole point of setting it up in the first place.
And therefore the guarantees will not be triggered even if HETA never pays another cent in debt service.
In short, HETA is the ultimate zombie bank
Anyone hoping to claim on those guarantees wd have to prove HETA is insolvent even tho the authorities say it isn't. Good luck with that....
#Austria cuts off support for Bad Bank with growing losses. Bonds plunge. http://www.bloomberg.com/news/articles/2015-03-02/heta-senior-bonds-plunge-after-austria-cuts-off-aid-to-bad-bank … /via @markets #ECB
Eurostat: Euro area unemployment rate at 11.2%, EU28 at 9.8% in Jan 2015 http://ec.europa.eu/eurostat/documents/2995521/6664116/3-02032015-AP-EN.pdf/28d48055-3894-492d-a952-005097600ee0 …
Eurostat: Euro area annual inflation up to -0.3% in feb 2015 http://ec.europa.eu/eurostat/documents/2995521/6664148/2-02032015-BP-EN.pdf/7a9b9154-c280-4f33-b988-a39fa051a61d …
#Spain's Europe affairs Dep. Min Mendez de Vigo says #Greece should do less talking, do more reforms. (BBG)
Let #QE begin: This mth sees start of #ECB’s €60bn/mth bond purchases. Italy/German spread shrinks to lowest in 5yrs.
Investigators of Russian opposition politician's murder get CCTV footage from crime site http://tass.ru/en/russia/780438 …
Witness of Russian politician's murder not allowed to leave Moscow for safety concerns http://tass.ru/en/russia/780434 …
Kiev disbanding notorious militia battalion - new unit under army control http://tass.ru/en/world/780430
Russian foreign minister warns against politicised interpretations of Nemtsov murder http://tass.ru/en/russia/780414 …
About 1,000 miners protest by Ukrainian parliament against overdue wages http://tass.ru/en/world/780378
Ruble drops as shocking Nemtsov death raises serious questions as to how investors should view #Russia.
#Italy's bond gains cut yield to record low as investors look to #ECB. 10yr at 1.3%. http://www.bloomberg.com/news/articles/2015-03-02/italian-bond-gains-cut-yield-to-record-as-investors-look-to-ecb …
Thousands of people attend Lega Nord rally in Rome http://openeurope.org.uk/daily-shakeup/greece-seeks-renegotiate-bond-payments-ecb/#section-5 …
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