Source?
Spanish authorities are worried banks could "game" the guarantee fund and use it to clean up by their books by refinancing failing companies with state guaranteed loans. Nooooo. Banks would never do that.
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Confidencial
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Not in Italy
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of course not ;-)
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Worried? Reports from companies: banks have cut all credit lines. They force all companies to accept the new credit lines backed by Gov. with higher interest rates. So the new measures of backing all companies is actually a way to rescue banks with very bad management.
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I assure you, they're also worried the hospitality industry will end up using unemployment insurance as an employee wage subsidy. They wouldn't....
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hahahaha
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In theory to comply with State aid rules the guarantee is not supposed to be granted to "companies in difficulty" as defined by EU law. The Italian Fondo di garanzia keeps this intact for SMEs. Not sure there is a check and how
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Did Spanish authorities also say which companies they don’t want us to bail out?
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Well, according to Mario Draghi they should be giving 100% guarantees on the assumption that most firms will fail.
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