China Has Quietly Bailed Out Over $220 Billion In Bad Debt In The Past 2 Months
by Tyler Durden
ZeroHedge.com
05/22/2016
Today we learned that not only was China going through with its unprecedented debt-for-equity swap, but it has already equitized over $220 billion in non-performing loans. Note: these are not traditional, Chapter 11 prepacks where the debt is converted into equity and the debt holder gets the keys to the company. In this case, it is the Chinese government itself which indirectly via state-owned banks, has become the de facto owner of countless companies.
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