Looks like Virgin Australia will be in liquidation by Monday by the looks of the article and the factual selling on the bourse on Friday (Virgin fell by a staggering 17.1% given its limited free float). ANZ is mainly on the hook for it. The other three may have partial exposure to the $1.3 billion.
IMHO Frydenberg has to do something about providing a massive stimulus not to just SMEs, that is like "urinating on a wildfire" (Frydenberg is still in Parliament and is Federal Treasurer regardless of the issues surrounding his eligibility), I think the Federal Government are going to have to do better than that, they will need to boost employment, cut payroll tax, provide substantial bank guarantees otherwise there will be many more Virgin Australia's. Virgin is Frydenberg's to make up for like Flybe is causing English PM Boris Johnson's Transportation Secretary Grant Schapps to be almost doomed to a limited remaining life in Parliament.
The Federal Government needs to provide a massive stimulus package otherwise it will an utter bloodbath, a massacre and a wild unforgiving rout IMHO but pls DYODD.
WBC Price at posting:
$21.35 Sentiment: Buy Disclosure: Not Held
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