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The London Stock Exchange is becoming the lender of last resort for many banks in Italy as concerns over the country’s debt levels squeeze liquidity out of the Italian financial market.
With cash increasingly hard to come by, Italy’s banks are turning to CC&G, the L.S.E’s Italian clearinghouse, for short-term lending. That includes some of the country’s largest financial institutions, including Unicredit and Mediobanca, according to a person close to the situation.
The money, which comes from collateral that traders must put up to complete financial transactions, is deposited with the banks to cover shortfalls in liquidity. CC&G earns a profit by charging banks interest on the money that they borrow.
say you pull all of your cash out now and the systems crashes: your cash will be worthless, no?
and if you leave your money in and lose it, your money is worthless, no?
Originally posted by ICEKOHLD
reply to post by Vitchilo
so then everyone should pull their cash out so that a) they have it and b) we can accelerate this whole process! the faster it crashes the faster we can build a new one.