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

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

A slightly bloated fund manager stood up and addressed the Italian Deputy Minister of Finance, Alberto Brown. "As you said, this short-term debt is directed to solve the liquidity problem of Italian domestic banks, and I wonder if this money will be able to revitalize the Italian banking sector in a corresponding time?" ”

"You're asking if the money is enough, right?"

The handsome deputy minister smiled, did not shy away from the other party's subtext, and bluntly picked out, "According to the data calculated by our central bank and the real capital adequacy ratio between banks, we believe that these funds are enough to activate the dormant funds between Italian banks, which is the result of many calculations." ”

"Also, I need to reiterate that there is no problem with the banking sector in Italy. I know there is a lot of rumours in the market, and we are closely watching every move in the banking sector. So far, with the exception of a few small banks that are undercapitalized in Tier 1, other big banks such as Banco Nacional and Banco di Milano have not had corresponding problems. ”

In the face of doubts from all sides, he had to stand up again to clarify. Despite the deputy minister's efforts to squeeze out a kind smile, there was a hint of tiredness in his eyes.

This roadshow for American investors was very difficult to do, and he was mentally prepared in advance, but the reality still made him a little overwhelmed.

But even if he can't do it, he has to bite the bullet, after all, he represents the official image, and every sentence may be repeatedly interpreted and infinitely amplified by the market, so he has to express his position clearly and resolutely.

There was silence.

This time, the Italian Ministry of Finance conducted a roadshow for the auction of short-term government bonds, with the aim of attracting more overseas investors. Of course, in addition to Europe, the United States is the first choice, so including Alberto. Nino and many other senior Italian government officials came to New York in person to participate in this roadshow.

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

The bank representatives and fund managers in the room were silent for only a moment, and then a storm of questions came flooding again, the most acute of which was the opinion of the rating agencies that are currently claiming to downgrade the Italian banking sector.

Now someone is finally asking.

"This ......"

Alberto. Nino was silent for a long time, 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 freedom of speech. As for whether they are right or not, I think the market will naturally have fair comments. I would like to remind you that the SEC and the U.S. Congress have taken action against rating agencies before, and they have accepted the penalties. ”

The implication of his remarks is naturally to imply that the positions of Moody's and Standard & Poor's are not so objective and accurate.

"If there is a payment crisis in Italy's banking sector, then I would like to ask the prime minister, as a member of the Italian government, how would you advise the prime minister to solve this problem?"

Although it is said that such a sentence is soft and hard, it is clear that American investors have not let Alberto go because of this. Nino, another well-dressed fund manager stood up and asked.

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

Hearing this, Alberto. Nino's brows were furrowed, but he still replied seriously, "Even if there is a serious crisis, we will deal with it as soon as possible." In addition, the European Central Bank will provide us with corresponding assistance as part of the European rescue mechanism. Trust me, the money you give today will be paid accordingly in the future. ”

When it comes to the ECB and the European Rescue Mechanism, many people are silent. Although there were many doubts about the size and effectiveness of the relief fund in its early days, it turns out that the European Relief Fund has not only saved three countries, but is still stabilizing the situation in Europe to this day.

"I have a question!"

At this moment, a yellow-skinned man stood up and shouted in a loud voice, "I'm Jiang Shan from the Tianyu Fund, I want to ask Mr. Deputy Minister a few questions, I don't know if it's okay?" ”

During the roadshow session, the debtor is asked questions from all interested creditors, a process similar to a sales pitch. Of course, for potential creditors, there is no need to declare themselves, and the previous few people have not introduced themselves. However, this time there was an exception, and it was the well-known Tianyu Fund.

The hedge fund community has successively learned some about what Tianyu Fund has done in Europe, although they will never know what is deeper, but what they understand is that once Tianyu Fund makes a move, it will be a big move.

So when Jiang Shan exposed his door, many people cast surprised eyes on him, but more people kept speculating in their hearts about the purpose of such a high-profile appearance of Tianyu Fund.

"Absolutely!"

Alberto. Nino's expression was a little stunned, but he quickly regained his composure, waved his right hand, and said calmly, "I don't know if you have any questions you want to ask." If I knew, I would have said everything. ”

As a member of the European leadership, he naturally knows what role Tianyu Fund played in the European debt crisis, and he also knows what happened later. That's why he was surprised by the sudden appearance of the Tianyu Fund, but on this occasion, he couldn't show anything, so he could only receive it formulaically.

"A month ago, we were approached by a well-known Italian bank in order to sell or lend Italian government bonds. Of course, I won't say which bank it is. In the process of contacting them, we found that the bank's financial statements were quite poor, and the bad debt rate was frighteningly high, to a shocking point. It can be said unceremoniously that the bank is only a few days away from going bankrupt. ”

"Any idea how they explain the situation? The head of the bank told me that if there was a crisis, the Italian government would come to their rescue, and Europe would save them, so don't worry about similar problems, because this kind of problem is common in the Italian banking industry. They sell or lend bonds in order to raise a portion of the interest rate that is higher than the market. Of course, I think they are also well aware that these bonds can be used to short the Italian government. ”

"So my question is, is the Italian government aware of this kind of behavior? Do you know about their whitewashing of their financial statements? Also, is the use of taxpayers' money to save greedy bankers a countermeasure that the Italian government has long been working out? ”

Jiang Shan opened his mouth to speak, and the silence in the audience was so quiet that it was clearly audible when a needle fell to the ground. Not only because Jiang Shan represents the Tianyu Fund, but also because his words contain explosive news, which makes everyone hold their breath, and no one dares to break this contemplative atmosphere.

"This ......"

Alberto. Nino's face suddenly sank, and he stared at Jiang Shan with unkind eyes for a long time before he replied, "As far as I know, selling or lending bonds is a market behavior, and I don't comment on it." As for what you said about bad bank debts and whitewashed statements, I doubt the truth and intent of these words. I suggest you name this bank and let our regulators check to see if there is a similar situation. ”

He knew that it was impossible for Jiang Shan to reveal the name of the bank, so he seized on this point to question the reliability of Jiang Shan's statement.

As he expected, Jiang Shan could only shrug his shoulders with a helpless expression.

But Alberto. Nino's reaction was to dissatisfy the potential creditors in the audience, but fortunately, the quality of these people was very high, and there were not too many outrageous actions, but a few boos one after another.

"I have another question, for the debt payment that will come next year, based on the current public information, the Italian government does not seem to have much cash to accept!"

For Alberto. Nino's evasion, Jiang Shan can only say that he is helpless, but this does not mean that he is over, "When the time comes, will your country's government issue new bonds to repay?" Also, if you do issue new bonds, how do you deal with the EU's recent demands on the debt ceiling of member states? ”

He has an aggressive posture, completely stating his position, and does not leave any mercy to the other party, that is, a bloodthirsty shark waiting for an opportunity.

"Our economic growth this year has been great for our tax revenue!"

The deputy minister is already a little annoyed, but he must strongly suppress this sentiment, "We have made a lot of efforts to improve the fiscal deficit in terms of spending, and I believe that this effort will continue next year, and it will also bring us improvement." In addition, we do not rule out borrowing to raise funds, but this will be within our control and we will do our best to meet EU standards. ”

After a meaningful glance, Alberto. Nino replied calmly.

A very official answer, as if answering everything, thinking about it carefully, and answering nothing, is the art of politicians talking.

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

……

"Mr. Jiang, can I disturb you for a few minutes and do an interview?"

After the roadshow, a reporter soon found Jiangshan, and when he left the lobby of the Bank of America, he was stopped by someone while he was still on the steps. The reporter wanted to be able to do an urgent interview, "It will only delay you for a few minutes, and it won't be too long." ”

"No problem!"

Looking at the reporter who came out of nowhere, Jiang Shan's heart moved, and he stopped.

The journalist looked rather unprofessional in his thirties as a white man with a khaki satchel hanging from his white shirt. However, there are often such reporters in newspapers or television stations, and when there is an emergency, they simply prepare and set off.

This is the case with the current journalist.

"I'm Andy, an expatriate correspondent at Bloomberg, and I'd like to ask you a few simple questions."

The reporter quickly introduced himself and then asked, "Is Tianyu Fund going to short Italy's government bonds?" ”

"No comment!"

Facing his tape recorder, Jiang Shan smiled silently, "Andy, I'm very sorry, I can't answer the question about the 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 changed to another question, "Maybe this includes countries like Spain, and such information should be revealed, right?" ”

"My colleagues and I study the economic situation around the world, not just Europe!"

Jiang Shan grinned, left such an ambiguous sentence, and walked away. (To be continued.) )