180In addition, it cannot be ruled out that, within the scope of the margin of assessment which it enjoys in its prior economic evaluation of the profitability of an investment (see paragraph 188 below), a rational private investor would, like SACE, consider that its subsidiary’s difficulties did not stem from structural problems or poor management, but from economic problems within the market concerned (see paragraph 174 above) and would proceed on the basis of the prospect of a gradual restoration of the economic situation. However, even in this case, a rational private investor which is unable to make detailed, full projections would not decide to inject additional capital into one of its subsidiaries which has recorded significant losses without conducting prior evaluations, even general evaluations, showing that there are reasonable probabilities of future profit, and without analysing various scenarios and various options, including, if necessary, the possible sale or liquidation of the subsidiary.
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