“Italy cannot help but ask for the restructuring of its debt. The aid of the State bailout fund and of an external investment vehicle cannot work: we are dealing with two turkeys that cannot fly”. Here is the Twitter written by Nouriel Roubini just under half an hour ago. He is not the only one that the economist dedicates to Italy, the country where he took his first degree from Bocconi in the XNUMXs.
"The only option left to Italy is debt restructuring - he repeats - EFSF and Spv are turkeys even if they don't fly, the ECB does not want and cannot be, by statute, a lender of last resort". And again: “Italy is TBTF (Too big to fail) but also TBTS (Too big to saved). A debt restructuring based on a lengthening of the maturities at the same nominal value is the only way forward”. Thus spoke Roubini.
