Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
This represents an average "haircut" of 30% on the Book value, and a 15% premium on market value.

So the banks are taking 2/3 of the loss and the government 1/3 of it. What's not to like?

I mean, if the banks wanted to sell the stuff at market value they wouldn't need the government as a buyer, would they?

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma

by Migeru (migeru at eurotrib dot com) on Wed Sep 16th, 2009 at 04:22:01 PM EST

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