Monte dei Paschi: Italy Must Cut Ties Between Banks and Politics
Business / Politics

Monte dei Paschi: Italy Must Cut Ties Between Banks and Politics

Were it not for some shady derivatives trades carried out by the world’s oldest bank, Banca Monte dei Paschi di Siena SpA, Italy’s most recent parliamentary elections might have produced a government. When Bloomberg News on Jan. 17 broke the first details of derivatives transactions that the bailed-out Monte dei Paschi made to hide losses, … Continue reading

Italy’s Political Crisis is in President Napolitano’s Hands
Politics

Italy’s Political Crisis is in President Napolitano’s Hands

The chaos and uncertainty following Italy’s parliamentary election last month is compounded by the imminent retirement of the one man who has any chance of solving the crisis, President Giorgio Napolitano. A wave of support for the populist 5-Star Movement produced an electoral earthquake in the Feb 24-25 poll, shaking the traditional political system to … 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