Football Legend Cristiano Ronaldo To Be Used As ECB Collateral

ZeroHedge ^ | 07/28/2011 | T. Durden

[SAJ]

We were pretty much speechless when we read this - it sure puts guarantees by Noyer, Trichet and all the other bureaumonkeys that the ECB does not accept just any collateral in perspective. From Presseurop.eu: "The most expensive footballer in history may now be used to guarantee the solvency of a Spanish bank. “Ronaldo in the bailout fund,” headlines Süddeutsche Zeitung. The daily reports that the Bankia group of savings banks,...

[SAJ]

What next? Racehorses? Day-old pita bread? If anyone considers the implications of this, how can he not be shaking in his boots?

[SAJ]

A “you ain’t gonna believe this” >>>PING!<<<

[Uncle Ike]

Money quote from farther down in the article...

““Could we see a situation in which the ECB seizes one of the players?“ wonders the Munich daily. “In theory, it is possible. “

[SAJ]

Oh, I see. It's a devious way for the ECB to field their own side in the Champions league, eh?

Doubtless would be named "Banksters United of Brussels".

Anyone care to have a go at the NEXT bit of insanity we see from Wonderland? This lunacy will be hard to beat, I fancy.

[ConservaTexan]

If ever a sport needed a lockout...

[Uncle Ike]

Assuming that European sports player contracts are at least similar to the American equivalents...

If the player in question suffers a career-ending injury on the field, then his contract becomes worth substantially less - in fact, it would become a ‘liability’ —

Would ECB then be forced to foreclose on its loan to the Spanish Bank because of insufficient collateral??

[laconic]

BTW, Cristiano Ronaldo’s father named him for Ronald Reagan.

[SAJ]

Perhaps they contemplate some sort of body-parts bailout scheme...perhaps in partnership with NHS?

[indthkr]

The Spanish were historically big fans of the Slave Trade.

I guess some things never change.

[agere_contra]

For the thread: they’re using his contract as collateral: they’re not using him.

Not saying this isn’t as funny as heck, but it’s not slavery.

[SAJ]

Never said they were; that was a different poster. I was making fun of the notion of a health-contingent contract as Tier I collateral, which IS hilarious.