Italy’s financial crisis could DESTROY the Euro as nation tipped to be next domino to fall

Tuesday, June 28, 2016
By Paul Martin

ITALY could become the next country to leave the European Union in a catastrophic move which would destroy the Euro currency, a senior economist has warned.

Tue, Jun 28, 2016

The country is facing a series of economic and political crises which could see it crash out of the eurozone just months after Britain rocked Brussels by backing Brexit.

Following the historic vote on Thursday, Italy’s top stock market saw its biggest ever one-day fall of 12 per cent, as traders rushed to dump financial stocks.

The carnage continued this week with shares in the nation’s two biggest banks, UniCredit and Intesa Sanpaolo, falling by eight and more than 10 per cent respectively.

Investors are worried Italian banks could go under, thanks to billions of pounds worth of bad loans on their books.

They are estimated to have around £270billion of loans that could default and spark a financial crisis in Italy. Experts believe it could rip apart the eurozone.

Italian policymakers fear hedge funds could start to bet against the banks, which would help tip them over the edge.

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