it would be a game changer
GACS, ATLAS, the EC and the ECB: some light notes on the political economy of Italian NPLs
Jonathan Algar

[via @jeuasommenulle] I’m not so sure collateral eligibility is such a big issue — that would be true if banks were expected to buy the senior pieces but with an explicit state guarantee the broader capital market could jump in. Always helpful of course, but ECB eligibility on ABS has never been such a big deal for market deals (it is for retained deals, obviously.)