Project Italy: rumours

All,

Some further rumours are surfacing:

Apparently the hectic meetings in Italy this week suggest that the process may be running late. The CDP have held their second meeting (of two required) on the project on Tuesday and it as well as each of the banks are hastily trying to pass it through their boards this week.

With respect to this weekend’s deadline, there is discussion of a loophole involving cashing out some institutions (Fortress?) and a letter of comfort to the court to evidence the involved parties’ commitment. Back channel talks are ongoing to see if that might buy everyone time until the end of the month.

Either way, we are comfortable that where there is a universal will, there is a way (and all ways lead to Rome...).

Wolfgang