Chapter 922 Make a big splash (Part 2)

  Manhattan, in the conference hall of the Bank of America headquarters, a road show is going on in an orderly manner.

   "Mr. Deputy Minister, I would like to know how the government plans to deal with your domestic banking problems?"

A fund manager with a slightly bloated figure stood up and asked Alberto Nino, Deputy Minister of Finance of Italy on the stage, "As you said, the direction of this short-term national debt is to solve the domestic problems in Italy. The liquidity problem of the bank, what I want to know is, can this fund activate the vitality of the Italian banking industry within a corresponding period of time?"

   "You want to ask if the funds are enough?"

The handsome deputy minister smiled, did not shy away from the subtext of the other party, and said straightforwardly, "According to the data calculated by our central bank and the real capital adequacy ratio among banks, we believe that these funds are enough to activate the cooperation among Italian banks. Dormant funds, this is the result of many calculations."

“Also, I need to reiterate that there is nothing wrong with the banking sector in Italy. I know that there are a lot of rumors in the market, and we are also closely watching every move of the banking sector. So far, except for a few small banks with Tier 1 capital. In addition to the shortcomings, other big banks such as National Bank and Bank of Milan have no corresponding problems."

   Facing doubts from all parties, he had to stand up again to clarify. Although the deputy minister tried his best to put on a kind smile, there was still a trace of tiredness in his eyes.

  This time, the roadshow for American investors was very difficult. He had prepared himself psychologically in advance, but the reality still made him a little overwhelmed.

But even if he is not sure, he has to bite the bullet. After all, he represents the official image, and every sentence may be repeatedly interpreted and magnified by the market, so he has to express himself clearly and resolutely. position.

   There was silence in the audience.

  This time, the Italian Ministry of Finance conducts a short-term treasury bond auction roadshow to attract more overseas investors. Of course, the United States is the first choice besides Europe, so many senior Italian government officials, including Alberto Nino, came to New York in person to participate in this road show.

   "Mr. Deputy Minister, I would like to know what you and your colleagues think about the recent threats by Moody's and S&P to downgrade the credit rating of the Italian banking sector?"

  The bank representatives and fund managers present were only silent for a moment, and then a storm of questions swept in again. One of the most pointed questions was the rating agency's current claim to lower the rating of the Italian banking industry.

   Now someone has finally asked.

"this…"

Alberto Nino was silent for a while, and laughed softly under the gaze of the audience, "Our attitude towards Moody's and S&P has always been very respectful. What they say is their freedom, it's speech Freedom. As for whether what they say is right or not, I think the market will naturally have a fair comment. I would like to remind everyone that the SEC and the US Congress have taken actions against rating agencies before, and they have also accepted relevant penalties.”

  His implication is naturally to imply to everyone here that the positions of Moody's and S&P are not so objective and accurate.

  “If there is a cash crisis in the Italian banking industry, then I would like to ask, as a member of the Italian government, how would you advise the Prime Minister to solve this problem?”

  Although this sentence came softly but with force, American investors obviously did not let Alberto Nino go because of this, and another well-dressed fund manager stood up and asked.

   "We will closely monitor their capital situation and provide relevant support when necessary."

Hearing this question, Alberto Nino frowned, but he still answered seriously, "Even if there is a serious crisis, we will deal with it as soon as possible. In addition, the European Central The banks will also provide us with corresponding assistance, which is part of the European rescue mechanism. Believe me, the funds you pay today will definitely be honored in the future.”

   Speaking of the European Central Bank and the European rescue mechanism, many people fell silent. Although many people had doubts about the size and effectiveness of the rescue fund at the beginning of its establishment, the facts have proved that the European Rescue Fund has not only saved three countries, but has also stabilized the situation in Europe as a whole.

"I have a question!"

  At this moment, a yellow-skinned man stood up and shouted loudly, "I am Jiangshan from Tianyu Fund. I would like to ask Mr. Vice Minister a few questions. Is it okay?"

  During the roadshow meeting, the debtor needs to face questions from all interested creditors. This process is similar to sales promotion. Of course, for potential creditors, there is no need to declare their family background, and the previous few did not introduce themselves. But this time there was an exception, and it was the famous Tianyu Fund.

As for what Tianyu Fund has done in Europe, the hedge fund community has gradually gained some understanding. Although they will never know the deeper things, what they understand is that once Tianyu Fund makes a move, it will be a big move .

  So when Jiangshan exposed his family name, many people cast surprised glances at him, but more people kept speculating in their hearts about the purpose of Tianyu Fund's high-profile appearance.

"sure!"

Alberto Nino's expression was a bit astonished, but he quickly returned to his natural state. With a wave of his right hand, he said frankly, "I don't know what questions you want to ask. If I know, I will naturally talk endlessly." .”

  As a member of the European high-level, he naturally knows what role Tianyu Fund plays in the European debt crisis, and also knows the subsequent development. That's why he was surprised by the sudden appearance of Tianyu Fund, but on this occasion, he couldn't reveal anything, and could only receive it in a formulaic manner.

"A month ago, a well-known Italian bank contacted our Tianyu Fund through relationships, with the purpose of promoting or lending Italian national bonds. Of course, I will not say which bank it is. In the process of contacting them, we found that the bank's statements are quite poor, and the bad debt rate is horribly high, reaching a shocking level. It can be said bluntly that this bank is only a few days away from bankruptcy .”

"Know how they explain the situation? The head of this bank told me that if there is a crisis, the Italian government will bail them out and Europe will bail them out, so don't worry about things like that , because this kind of problem is common in the Italian banking industry. The reason why they sell or lend bonds is to raise a part of the interest rate higher than the market. Of course, I think they are also very clear that these bonds can be used Short the Italian government.”

"So my question is, does the Italian government understand this behavior? Does it understand that they are whitewashing their financial statements? Also, is the Italian government planning to use taxpayers' funds to bail out greedy bankers? Countermeasures?"

  Jiang Shan opened his mouth to speak, and the audience was so silent that even a needle falling on the ground could be heard clearly. Not only because Jiangshan represented Tianyu Fund, but also because his words contained explosive news, which made everyone hold their breath, and no one dared to break the contemplative atmosphere.

"this…"

Alberto Nino's face darkened immediately, he stared at Jiang Shan with unkind eyes for a long while, and then replied, "As far as I know, selling or lending bonds is a market activity, and I don't do it Comment. As for the bank’s bad debts and whitewashed statements, I doubt the authenticity and intention of these words. I suggest that you name this bank and let our regulatory authorities check it out. Is there anything similar."

  He knew that Jiang Shan could not disclose the name of the bank, so he seized this point to question the reliability of Jiang Shan's statement.

  As he expected, Jiang Shan could only shrug his shoulders with a look of helplessness.

However, Alberto Nino's reaction made all the potential creditors dissatisfied. Fortunately, these people are of high quality and did not make too many outrageous actions. They just booed a few times one after another. .

   "I have another question. Regarding the debt repayment coming next year, based on the current public information, the Italian government does not seem to have much cash to accept it!"

Regarding Alberto Nino's evasion, Jiang Shan can only express his helplessness, but this does not mean that he is over. "Will your government issue new bonds to repay it? And, if it is really issued New bonds, so how do you deal with the EU's recent demands on member states' debt ceiling?"

  He has an aggressive posture, fully expressing his position, without showing any sympathy to the other party, that is, a bloodthirsty shark waiting for an opportunity.

   “Our economic growth this year is going to help our taxes!”

The deputy minister has become a little angry, but he must strongly suppress this emotion, "In terms of spending, we have made great efforts to improve the fiscal deficit. I believe that this effort will continue next year, and at the same time it can bring us To improve. In addition, we do not rule out raising funds through borrowing, but all of this will be within the controllable range, and we will try our best to meet the EU standards."

   After giving Jiang Shan a meaningful look, Alberto Nino replied calmly.

  A very official answer, like answering everything, but after thinking about it carefully, there is no answer. This is the art of politicians speaking.

  Jiang Shan's reaction was also very interesting, he shook his head vigorously under the watchful eyes of everyone, and sat down without saying anything.

  …

   "Mr. Jiang, can I interrupt you for a few minutes for an interview?"

  After the road show ended, some reporters soon approached Jiangshan. When he left the lobby of the Bank of America, Jiangshan was stopped on the steps. The reporter hoped to do an urgent interview, "It will only delay your time for a few minutes, it won't be too long."

"no problem!"

  Looking at the reporter who appeared out of nowhere, Jiang Shan stopped in his tracks.

  The reporter was in his thirties, a white man with a khaki shoulder bag hanging on his white shirt, looking quite unprofessional. However, there are often such reporters in newspapers or TV stations. When an emergency occurs, they have no time to prepare, and they simply prepare and set off.

  This is the case with this reporter now.

   "I'm Andy, an expatriate reporter from Bloomberg, and I want to ask you a few simple questions."

  The reporter quickly introduced himself, and then asked, "Is Tianyu Fund planning to short Italian national debt?"

   "No comment on this one!"

   Facing his tape recorder, Jiang Shan smiled silently, "Andy, I'm very sorry, I can't answer questions about Tianyu Fund."

   "Well, let me put it another way, are you or your colleagues studying the economic situation in Italy?"

  The reporter's mind was quick, and he immediately switched to another way of asking, "Maybe this includes countries like Spain, so such information should be disclosed?"

   “My colleagues and I study the economic situation around the world, not just in Europe!”

  Jiang Shan grinned, left such an ambiguous sentence, and walked away.

   Thanks to book friends Four-Eyed Prodigal Son, Not Very Fat Sheep, and alaphforce for voting monthly! Thanks to zm5454101 for continuing to like it! It’s almost the end of the month, and I’ll continue to ask for votes with the cheek. I hope more book friends can support this book. Friends who don’t have monthly tickets hope to vote for more recommendations. Thank you very much~

  

  

  (end of this chapter)