But if there is a good reason for central banks in monetary unions not to bail out subsidiary entities - whether they are local, regional or even national - then by definition there is an elevated risk of those subsidiary entities defaulting on what they owe.
Leading the way of corporate ownership and operation of bowl games is ESPN Regional Television, a sports marketing, syndication and production company subsidiary of ESPN.
The regional press is controlled almost without exception by the German publishing company Passauer Neue Presse through its subsidiary the Vltava-Labe-Press.