There’s the 40% haircut plus money from the ECB I believe.
Just can’t wrap my arms around the logic.
1. Bank survives.
2. Bondholders 100% whole.
3. Deposit 100K and under 100% whole.
4. ECB loans funds.
5. Jumbo accounts stolen.
Oddly no one knows where the money went. It’s just gone. At some point questions will be asked and then it unravels.
Think its 5 billion in haircuts (what the corrupt Euro’s call theft now) to get 10 billion in loans. Apparently they need 15 billion to be solvent in Euro’s. They can always go back to their own currency anytime they want. The issue will be its exchange rate with Euro’s and how many Euro bondholders end up getting stuck.