Receivables INPS, tax free and guaranteed by the State, sold off to financial tax havens !

(da http://spazioinwind.libero.it/cobas/finanzaloro/cartolarizzazione.htm)
The government “secure” Receivables INPS (transforms them into stock exchange titles !) and give in (Svende) At half the price the collection of credits to banks and private financials: with the decree law 308 of the 6 September '99 has been given the guarantee of the state on securities (!!), In addition to tax concessions and exemptions to the financials that deal with these securities, including financials residing in tax havens. Having aroused considerable “surprise for the unexpected <Discount> to tax havens” (IlSole24ore,9-9-99), On this point, perhaps the government -at the Chamber- he will make back but has already devised the deception. In fact, the INPS will cease the first 8.000 billions of credits to two Dutch financial financial (the Netherlands, such as Ireland or Denmark,It is not classified as a tax paradise but it is in fact for banks and financials). “By the end of October -said the president of INPS PACE- Credits should be on the market and we do not exclude a stock exchange quotation”.

“To the door of the general manager of the treasure Mario Draghi (director of the operation) the representatives of the most established financial houses in the world immediately knocked: Paribas, Lehman Brothers, Warburg, Nomura. All ready to <set up> the INPS operation and to place the i junk bond (Junish bonds in American jargon) Made in Italy linked to non -paid social security contributions”.

The INPS credits at the end of 1998 amounted to 54.438 billion lire. But private individuals will go –less than half a price and moreover guaranteed by the State– solo “the most attractive credits” (IlSole24ore,23-4-99).
A first sorting has already been made by three banks: Morgan Stanley, Warburg and Saint Paul-I was (who knows if the latter has checked the INPS credits that must pay the Fiat…);
now others 4 agencies (standard & Poor’s, Moody’s, Fitch-Ibca e Duff & Phelps) “they will have to weigh the credits to be sold, identified on the mass of over 50 thousand billion”, leaving the most difficult credits to collect to INPS…