The ECB plans to set up an Amazon-style marketplace to sell billions in bad debt in a challenge to Wall Street, Reuters reports
Europe plans to set up an Amazon-style marketplace that sells bad debt worth billions of euros in a challenge to big buyers on Wall Street, according to Reuters.European Central Bank officials plan to discuss the scheme on Friday, the news agency said.
Through the marketplace, European Central Bank officials intend to sort out a big jump in bad loans within the region's coronavirus-hit economy by blocking"distressed debt" funds from buying them cheaply. "The market for bad loans has been dominated by a few very large buyers. In a typical scenario, one of these firms may buy a very large portfolio at steep discounts," O'Brien told Reuters.
The ECB's proposal for the new marketplace has not been signed as yet, Reuters said. It will be discussed with officials on Friday.
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