[via @jeuasommenulle] My opinion is that SPV, securitization etc. are really politically motivated and do not achieve much. The absolutely KEY issue is bankruptcy legislation in Italy. The (almost) only reason for Italy’s large NPLs is the length of repossession, bankruptcy, etc., proceedings — much longer than elsewhere in Europe. Always remember that NPL is a stock, not a flow. Pressure on Renzi on this comes from vested interests: judges, bankruptcy professionals, liquidators, etc., who make huge amounts of money due to this.