SMEs in Italy, no longer welcome customers for the banks
Business

SMEs in Italy, no longer welcome customers for the banks

Small companies struggling to repay loans in Italy and Spain signal bigger problems on the horizon for the euro zone after the dust has settled on Cyprus’s last-ditch bailout this week. Defaults by small and medium-sized enterprises (SMEs), easily the biggest employers in Spain and Italy, are rising at a worrying clip, spelling trouble for the banks and two countries at the heart of Europe’s … Continue reading

Italy in Turmoil As Cyprus Precedent Casts Shadow on Banks, Rating
Economy

Italy in Turmoil As Cyprus Precedent Casts Shadow on Banks, Rating

Italian banks racked up steep losses in European trading on Monday as investors began to grasp the implications of the Cyprus bailout: For the first time in Europe’s five-year-old debt crisis, depositors will have to shoulder some of the burden of bailing out troubled lenders. Intesa Sanpaolo SpA (ISP.MI), Italy’s largest bank by domestic assets, … Continue reading

Cyprus, An Absurd Levy
Europe / Opinion

Cyprus, An Absurd Levy

(Il Sole 24 Ore – A. Quadro Curzio) The bankruptcy of Cyprus and its exit from the euro, with unpredictable consequences for the European Monetary Union (EMU), has been averted, fortunately. The risks were there, even if the Cypriot GDP accounts for only 0.18 percent of the EMU’s, as contagion can also spread from a … Continue reading

German Commerzbank Chief Calls For 15% Looting of Italians’ Savings
Economy

German Commerzbank Chief Calls For 15% Looting of Italians’ Savings

News that the International Monetary Fund initially demanded to loot a shocking 40% of savings from the private bank accounts of Cypriots underscores how residents of the Mediterranean country could be the latest victims of the infamous “IMF riot,” as the chief economist of the German Commerzbank calls for Italians to be similarly plundered for … Continue reading