Tuesday, March 9, 2021

Greensill 'Ripple'

 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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