Turns out, Italy’s banking crisis is not fixed.
A hot new bail-in-able debt cooked up by financial engineers in France.
The insider blame game has begun.
It’s the closest the Eurozone has come to falling apart.
“The €20 billion the government set aside is starting to look like small beer.”
They said it was contained, but now it hit the largest bank.
All these events conform to a well established script.
Over the Christmas holidays when no one was supposed to pay attention, the bailout costs of Monte dei Paschi, third largest bank in Italy, soared 75%!
Toxic loans on the banks’ books as a result of corruption, political kickbacks, fraud, and abuse.
“There is not and there will not be a banking crisis in Italy, nor will there be a European financial crisis coming from Italy”: EU Commissioner Moscovici