Originally Posted by
ckendall
My reading is that there was a foreclosure ("pignoramento") after the bank missed various mortgage payments and then ignored a ten day order to repay its debt. In a normal country the banks would have taken control and would then auction off the hotel but in Italy I imagine things will evolve in a different way.
Originally Posted by
KLouis
What a condescending post: this is exactly what's happening. As for "normal" country, given Donald, I'd be rather cautious with such statements.
I don't think he's being condescending. Italy is a tough place to execute any kind of commercial transaction, let alone the remedy, due to bureaucratic and judicial inefficiency. Nobody's saying it needs to be like the US where you robosign some documents en masse and flip the house over to the bank, but in a place like Italy, there's real risk of the underlying asset being neglected and falling into disrepair as the foreclosure process drags out into multiple years. Italy's banks are also holding a lot of bad debt - I don't know the particulars, but I'd bet that being able to liquidate commercial assets in under a year would help that situation.