Hi Oblomov, The sovereign debt you speak of is owed to domestic folks, to be repaid in more sovereign debt, printed with 2 4-5 year old US made printing presses.
Besides, the officialdom must make the BoC IPO look good, and to make sure, by my information, China Everbright got a stipend of HKD 6 billion to support the post IPO price. The capitalists, led by Li Kai Shing, will also do their share, as they are all borrowers from the bank.
The game, in the language of PPT, is rigged, and my subscription should boost my 2002 return by 2 percentage points on NAV.
One must understand the rules in order to play the game in HK;0)
Chugs, Jay |
