Bankia, banker to the world famous Spanish soccer Real Madrid, is really up against the wall amidst the current Eurozone debt crisis.
...very creatively, they have pledged as collateral in return for more funds from the European Central Bank (ECB), the club's loan on the Cristiano Ronaldo transfer.
The 2009 deal made Ronaldo's transfer from Manchester United to Real the most expensive footballer in history. He is one of their "galaticos" - star players. The loan has been rated AAA by Moody's.
Ronaldo now achieves the distinction of having a credit rating higher than the United States government, which was downgraded from AAA to AA+ last Friday.
Should both Bankia and Real Madrid go bust, the ECB would own Ronaldo.
Let's also hope for Bankia's sake, Cristiano doesn't suffer any serious playing injuries...like breaking his toe anytime soon...a subsequent "negative outlook with risk of downgrade" attached to the loan's credit rating would not be in the world's soccer...and economic interest.
Spanish bank fields Ronaldo as collateral - Daily Telegraph
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