Italian Banks: A Greek Tragedy Unfolding?
"'We are not scared of the markets, we are not scared of the spread,' said the Five Star senator Stefano Patuelli outside the meeting." (Financial Times, Sept. 28, 2018). Hubris. Italian sovereign debt yields increased by 0.3% to 3.2%, and Italian banks' share prices declined by 8% on average in morning trade. Nemesis. Future governments having to make painful spending cuts. Catharsis (possible).In May we highlighted the risk to the Italian banking sector posed by the policies of the newly elec...
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