Il y a ceux qui veulent aller vite et ceux qui veulent aller lentement; il y a ceux qui veulent un accord bénéfique pour tous et ceux qui veuelent un accord dur, vengeur à l’égard des Britanniques, non seulement les pays sont divisés, mais les gouvernements aussi. Schauble a une autre vision que Merkel par exemple.
La cavalerie arrive, bon coup d’arrêt à la chute boursière globale sur des espoirs nippons et autres. L’improbable sauvetage des banques italiennes fait également bien dans le paysage, même si il s’agit de Ponzi au carré. Le gouvernement veut sauver ses banques lesquelles fiancent ses dettes en … s’endettant plus auprès d’elles! Ah les braves gens.
Voir EN PRIME cidessous
[Bloomberg] Asia Stocks Pare Losses While Japan Erases Drop on Stimulus Bets
[Bloomberg] Global Yields Approach 1% as Japan’s Set Record in Rush for Debt
[WSJ] Europe-Heavy Hedge Funds Brace for Pain
[WSJ] EU’s Show of Unity Belies Deep Divisions
EN PRIME The Telegraph
Italy’s banks are the Achilles Heel of the eurozone financial system. Non-performing loans have ratcheted up to 18pc of total balance sheets as a result the country’s slide into depression after the Lehman crisis.
The new bail-in reform this year has brought matters to a head, catching EU authorities off guard. It was intended to protect taxpayers by ensuring that creditors suffer major losses first if a bank gets into trouble, but was badly designed and has led to a flight from bank shares. The Bank of Italy has called for a complete overhaul of the bail-in rules.
It is now almost impossible for Italian banks to raise capital. They are caught in a pincer as the ECB simultaneously demands compliance with tougher capital adequacy buffers, in some case demanding fresh infusions of capital three or four times. Mr Codogno said the ECB is unwittingly destabilizing the banks in an overzealous attempt to make Europe’s banks safer.
Italy is now paralyzed under the existing eurozone structure. Analysts say it desperately needs a US-style bank rescue along the lines of the ‘TARP’ in 2008, which used federal funds to mop up bad assets and stabilize the banks. This is forbidden by the eurozone.
The government introduced a €5bn rescue fund called Atlante earlier this year, but this was funded largely by the banks themselves rather than the state and has been overwhelmed by events.
Mr Codogno said Italy is caught in a low-growth trap that is slowly eroding debt dynamics. “I don’t think the Italian system is about to blow up. We could muddle through for years, but we need to get out of this loop,” he said.
Hedge fund veteran George Soros warned that Italy faces the risk of a “full-blown banking crisis” that could bring the rebel Five Star Movement to power as early as next year.
The banking squeeze has become politically explosive in Italy after thousands of small depositors were wiped out at four regional banks late last year. They were classified as junior bondholders, even though most of them were just ordinary savers who did not realize what was being done with their money.
Mr Renzi may be forced to take matters into his own hands and enact a unilateral sovereign rescue of the Italian banking system in defiance of the EU, unless he wins concessions soon from Brussels. Those who know him say he will not go down in flames for the sake of European ideological purity.
brunobertez 