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Italian Bad Loans Re-Accelerate - Up 21.7% YoY
With markets screaming that Europe is fixed and Italian sovereign bond spreads back near pre-crisis levels, we thought it somewhat interesting that delinquent loans in the country just surged by their most in almost 18 months as bad debt begin to re-accelerate. ANSA notes that over EUR130 billion of Italian debt is currently delinquent (+21.7% YoY) and this comes on the heels of the Bank of Italy's demand that Italian banks increase their loan loss provisions are 'disappointing' audits in March. As we noted previously, the percentage of loans in delinquency rose from around 3% in 2008 to 6.3% in February 2012, and assuming a relatively flat total private sector credit creation in the last year (which is probably conservative since fragmentation has been soaring), the current percentage of loans in default is approaching 8% of the total.
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the word "Loan" should be synonomous with "bad" as should usery.
This nicely complements "SurlyTrader"'s article above ("Race to Zero in High Yield Credit"). High Yield? No thanks!
How about gold? Even just a little...
"Gold: Bits & Pieces"
http://tinyurl.com/cleer6y
Again, whether you like it or not, simply bullish.
Non chè un problema!
Eetza collaterallized weetha Lasagne and Chianti!
...all bad is all good on Htrae, The Bizarro World...
Just recharacterize "bad" debt as "misunderstood".
Problem solved.
I beieve that would be a 'challenged loan' in Newspeak.
Che differenza fa?
Yet, in the fantasy land we live in, Italy 30 year yields are now only 150 basis points higher than ours. Oh, and french 30 year bonds are 15 basis points below our 30 year. Efficient markets, QE "supporting" yields, blah, blah, blah.
Italy, Shmitaly, wake me when non-performing actually cause banks to fail or ECB to print.
OT: It was a tearist attack in Texas after all, them nuts on GLP apparently were right.
McLennan County Sheriff’s Office, Texas Rangers open criminal investigation into West plant explosion.
Hours after local and federal authorities arrested West paramedic Bryce Reed for possessing a destructive device of some kind, Texas Department of Public Safety and the Texas Rangers announced they are launching a criminal investigation into the April 17 fertilizer plant explosion that killed 15
http://crimeblog.dallasnews.com/2013/05/mclennan-county-sheriffs-office-texas-rangers-open-criminal-investigation-into-west-plant-explosion.html/