For a glimpse into just how insane modern finance and capital markets are, look no further than Italy's thrice insolvent (in three years) bank Monte Paschi, which after failing to finalize a private, is finalizing the terms of its nationalization with the Italian government: a rescue which will cost Italian taxpayers at least €6.6 billion, and likely more.

The bailout, however, is not the punchline. What is, is that according to Reuters, Monte dei Paschi di Siena - which has yet to be bailed out, plans to issue no less than €15 billion of debt next year "to restore liquidity and boost investor confidence."

According to daily La Repubblica, Monte dei Paschi would issue the debt in the form of bonds and commercial paper. A third of that debt would have a short-term maturity date, while the rest would mature in three years, it added. The bank could not immediately be reached for comment.

In other words, when the bank was on its own, without the explicit banking of the government, and certainly not the ECB which confirmed that Monte Paschi's deposit flight was greater than expected, no investor would touch it with a ten foot pole.