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The ECB plans to set up an Amazon-style marketplace to sell billions in bad debt in a challenge to Wall Street, Reuters reports

The ECB plans to set up an Amazon-style marketplace to sell billions in bad debt in a challenge to Wall Street, Reuters reports


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Europe plans to set up an Amazon-style marketplace that sells bad debt worth billions of euros in a challenge to big buyers on Wall Street, according to Reuters.



The proposal would challenge dominant Wall Street debt investors, but has not been signed yet.



European Central Bank officials plan to discuss the scheme on Friday, the news agency said.



"The idea is to open up the market to buyers of smaller portfolios, with an Amazon or eBay-style marketplace, where you can browse... That can get the market moving," Edward O'Brien, a senior ECB official, told Reuters.



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Europe's central bank plans to set up an Amazon-style platform to sell billions of euros in bad debt in an effort to shore up its distressed economy, Reuters reported on Wednesday.A The move would challenge the dominance of big Wall Street debt investors, and is targeted at those running smaller portfolios.A Through the marketplace, European Central Bank officials intend to sort out a big jump in bad loans within the region's coronavirus-hit economy by blocking "distressed debt" funds from buying them cheaply.A "The idea is to open up the market to buyers of smaller portfolios, with an Amazon or eBay-style marketplace, where you can browse... That can get the market moving," Edward O'Brien, a senior bank official, told Reuters.
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