Italian Banks Are Crashing (Again) After Bad-Loan Writedowns Soar

by Tyler Durden
ZeroHedge.com
05/11/2016

The share rebound triggered by the hasty creation last month of the fund intended to inject capital into weaker lenders and buy their bad loans proved short-lived. Banco Popolare is dragging the rest of the Italian banking system drastically lower today after a “susprise” Q1 loss driven by soaring bad loan writedowns. Banco Popolare is down 14% on the day (25% in a week) to a record low, as Reuters reports the bank was forced to admit the reality of its bad loans by the European Central Bank as a condition for approving a planned merger with Banca Popolare di Milano that will create Italy’s third-biggest banking group.

The Rest…HERE

This entry was posted on Wednesday, May 11th, 2016 at 10:00 am and is filed under Conspiracy, Corruption, Economics, Government Evil, New World Order. You can follow any responses to this entry through the RSS 2.0 feed.