Football has become a new playing field for financial institutions preying on debt, as illustrated by documents from the whistle-blowing platform Football Leaks and analysed by the European journalistic consortium European Investigative Collaborations (EIC), in which Mediapart is a founding member. In one example, a British company called XXIII Capital had bought up 73 million dollars’ worth of debts resulting from transfers of players in England, France, Italy, Spain and Portugal. These were then included in a financial product offered on Wall Street and subsequently on the stock exchange of the Caribbean tax haven of the Cayman Islands. Michael Hajdenberg, Michel Henry and Yann Philippin report.
France is in talks to restructure Franco-Belgian bank Dexia by putting back under state bank control the arm that lends to local governments.
Thousands of French towns are suffocating under huge debt burdens from loans they took in the global lending frenzy that led to the 2008 crisis.