Parmalat debt grows to 14bn euros | BBC

[Ediacara]

Parmalat debt grows to 14bn euros



Parmalat owes 14.3bn euros ($18bn; £10bn), its auditors say - almost eight times what the company claimed when it went bust in December.

The figures, from accountants PricewaterhouseCoopers, give Parmalat's position as of end-September and exceed even the most pessimistic of estimates.

The stricken Italian food firm declared it was bankrupt after it was forced to reveal a 4bn-euro hole in its accounts.

Its former bosses are being questioned by police, as are senior auditors.

More at the BBC

[Fovea]

1. That will leave a mark

Time to check out how Europe responds to this.

If they show some spine, and jump on it,
I suspect dollars will rapidly change to euros.

[lebkuchen]

2. Eleven Parmalat officers were thrown in jail over the New Year holidays

The CEO of Deutsche Bank, the largest bank in Germany, is being criminally investigated as well (Deutsche Bank has ties, as does B of A, to Parmalat--should get interesting).

Meanwhile, what's KennyBoy been doing for the past three years? Still hitting the slopes in Vail? It must be nice to have connections in the WH.