LA SPIRALE VIZIOSA DELLE BANCHE ITALIANE
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Why Italy’s Banking Crisis is Spiraling to Heck
è pieno d'informazioni
COME FA UN FONDO DI 4,6 miliardi che NON è stato capace di salvare le 4 banche miserabili
a salvare un BUCO si 360 MILIARDI ???
If the Atlante fund doesn’t have enough firepower to steady even Italy’s smallish banks, how is it supposed to help the likes of Monte dei Paschi or Uncredit, each of which has tens of billions of euros of NPLs festering and putrefying on their books?
Just to save MPS, the Italian government and its private-sector partners
created Atlante II earlier this year with much smaller contributions from Italy’s “healthier” banks and a much larger contribution from Italy’s government, via state-owned financial intermediaries such as CDP, the Italian Post Office and SGA, a state-owned “bad bank” dating to the collapse of the Banco di Napoli, which offered to put in €450 million.
All this despite the fact that Italy’s government is not even supposed to be allowed to bail out its own banks without first bailing in some bank creditors. Perhaps that’s why
news on Thursday that Atlante will be buying up 17% of the embattled lender’s non-performing loan pile for a price of €1.6 billion was met with a wall of stony silence in the country’s general press.
Obviously, €1.6 is not going to be nearly enough to right the ship, especially with JP Morgan Chase’s rescue plan floundering amidst a general atmosphere of disinterest and distrust among shareholders. And what happens when the problems at Unicredit, Italy’s only systemically important financial institution (SIFI), can no longer be ignored?