Hot QUITALY-WATCH! Italy's EZ Banking crisis metastasises- Finance Minister reveals "EU NEAR COLLAPSE!"

Dublin 4

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#2
Italy referendum explained: What was the vote about and could the result destroy the EU?

Italy voted to reject the reform with 59.4 per cent to 40.6 per cent for Yes.

Mr Renzi conceded defeat shortly after the first projected result.

He said: “My experience in government ends here… I did all I could to bring this to victory.

If you fight for an idea, you cannot lose.”







Italy referendum explained: What was the vote about and could the result destroy the EU?
 

Tadhg Gaelach

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#3
This is a shocking indictment of the EU and the Euro. This Quixotic scheme has destroyed country after country and left their people bankrupt and destitute. Only Germany would appear to have prospered - but the reality there is banks on the verge of collapse and uncontrolled property bubbles threatening to bring down the whole EU.

Could Germany's Runnaway Property Bubble Crash the Whole EU?

GERMANY IS TOTALLY INSOLVENT - TRILLIONS IN HIDDEN DEBT!! IT'S THE NEXT GREECE!!

Warnings Are Growing of a Housing Bubble in Germany

David Mcwilliams
 

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#4
No mention of this on the news, are there any chances of contagion?
ECB shuts down Veneto Banca and Banca Popolare di Vicenza.
When banks fail and regulators decide to liquidate them, it happens on Friday evening so that there is a weekend to clean up the mess. And this is what happened in Italy – with two banks!
It’s over for the two banks that have been prominent zombies in the Italian banking crisis: Veneto Banca and Banca Popolare di Vicenza, in northeastern Italy.
The banks have combined assets of €60 billion, a good part of which are toxic and no one wanted to touch them. They already received a bailout but more would have been required, and given the uncertainty and the messiness of their books, nothing was forthcoming, and the ECB which regulates them lost its patience.

In a tersely worded statement, the ECB’s office of Banking Supervision ordered the banks to be wound up because they “were failing or likely to fail as the two banks repeatedly breached supervisory capital requirements.”
“Failing or likely to fail” is the key phrase that banking supervisors use for banks that “should be put in resolution or wound up under normal insolvency proceedings,” the statement said. This is the first Italian bank liquidation under Europe’s new Single Resolution Mechanism Regulation. The ECB explained:

Two Italian Zombie Banks Toppled Friday Night | Zero Hedge
 

Una

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#9
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Dublin 4

Dublin 4

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Dublin 4

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#11
ECB's Weidmann takes dig at Italy's handling of Veneto banks

Bundesbank president Jens Weidmann said on Thursday he saw no willingness by euro zone countries to shift decision-making powers to a European level, in a dig at Italy's move to wind down two failed banks at a hefty cost to local taxpayers.





ECB's Weidmann takes dig at Italy's handling of Veneto banks
 
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