French banks are heavily exposed to Italy.
The banking lobby and the ECB will have a cow.
Well, that didn’t take long. Whatever happened to Eurozone’s new bail-in rule?
“Who will purchase €275 billion of government debt Italy is to issue in 2019?”
But outside Italy, credit markets are sanguine, and no one says, “whatever it takes.”
Italy’s anti-establishment government takes on EU establishment in a struggle that could have major ramifications for the monetary union.
“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
Teetering Eurozone banks exposed to flying shrapnel.
Banks cannot be allowed, at any cost, to suffer the consequences of their own chronic mismanagement, or worse.
The art of Making Bad Debt Disappear.