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Fallout From Greensill Collapse Splatters British Government, Leaves Taxpayers With Big Losses

Downing Street’s dodgy dealings with Citigroup and Greensill show just how far the British government is willing to go to line the pockets of banks and other financial firms while bleeding taxpayers dry.
The collapse of UK-based supply chain finance firm Greensill Capital continues to reverberate. In Germany the private banking association has paid out around €2.7 billion to more than 20,500 Greensill Bank customers as part of its deposit guarantee scheme after the bank collapsed in early March. But the deposits of institutional investors such as other financial institutions, investment firms, and local authorities are not covered. Fifty municipalities are believed to be nursing losses of at least €500 million.

Germany , United-kingdom , Whitehall , Orkney-islands , Britain , British , Jeremy-heywood , Sanjeev-gupta , David-cameron , Lex-greensill , Bill-crothers , Citibank

Fallout from Greensill Collapse Splatters British Government, As Taxpayers Face Big Losses | naked capitalism Downing Street's dodgy dealings with Citi and Greensill show just how far the British government is willing to go to line the pockets of banks and other financial firms while bleeding taxpayers dry.

Downing Street’s dodgy dealings with Citigroup and Greensill show just how far the British government is willing to go to line the pockets of banks and other financial firms while bleeding taxpayers dry.
The collapse of UK-based supply chain finance firm Greensill Capital continues to reverberate. In Germany the private banking association has paid out around €2.7 billion to more than 20,500 Greensill Bank customers as part of its deposit guarantee scheme after the bank collapsed in early March. But the deposits of institutional investors such as other financial institutions, investment firms, and local authorities are not covered. Fifty municipalities are believed to be nursing losses of at least €500 million.

Germany , United-kingdom , Whitehall , Orkney-islands , Britain , British , Jeremy-heywood , Sanjeev-gupta , David-cameron , Lex-greensill , Bill-crothers , Citibank