This banking failure with Greensill (I've essayed twice over this since Sunday).....has several curious features to it.
It's a bank that primarily does business with business operations or municipal groups/cities.
At the personal level....there is a insurance to pay back up to 750k Euro per business.
The municipal level? Nothing exists.
Right now, based on a HR report....fifty-odd German cities are screwed with this bank failure.
My local town of Wiesbaden? They now suggest around 20-million is at risk....if you count both the city and it's fest-unit.
The small towns? They brought up a town in Hessen....Schauenburg....a town of 10,000 resident town....which will have lost a million Euro (fair chunk of money).
Lot of questions will rise out of this mess.
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