I will not go into this aspect in detail because it has no bearing on the facts that are the focus of attention today; in the case of the Banca Nazionale del Lavoro, the opinion of the Antitrust Authority is pending.2 The procedures followed by the Bank of Italy in the conduct of its supervisory activity comply with the provisions of Law 241/1990, as amended, which regulate administrative proceedings, making a distinction between the examination stage and the decision-making stage.
The drawback with sovereign cocos is that they would only allow for a rescheduling of debt repayments rather than a reduction in debt, and so may not provide sufficient debt relief to bring about a permanent resolution of the debt problem. Mr. Otieno concludes by asking the question “Which Way for Africa?”.