Tag Archives: Chin Averts $482 Billion In Local Bank Defaults Via Massive Rollover Scheme; Extend And Pretend Chinese Style

Mish / Mike Shedlock – China Averts $482 Billion In Local Bank Defaults Via Massive Rollover Scheme; Extend And Pretend Chinese Style – 30 January 2013

mish-image-15%The Chinese banking system is insolvent. Of course, the entire global banking system is insolvent, but today’s spotlight is on China. Please consider China averts local government defaults.

Chinese banks have rolled over at least three-quarters of all loans to local governments that were due to mature by the end of 2012, an indication of the immense challenge facing China in working down its debt load. Continue reading