Italy’s banks at recession lows: Monte Dei Paschi stocks tumble amid No vote uncertainty
FEARS are rising for Italy’s troubled banks after Italian Prime Minister Matteo Renzi resigned over a humiliating defeat in a national referendum.
By LANA CLEMENTS
Express.co.uk
Mon, Dec 5, 2016
Up to eight Italian lenders could face collapse amid concerns a bailout plan put together by Mr Renzi’s government may collapse.
And if Italy falls into a financial crisis, panic could quickly rip across the bloc, experts warned.
As investors rushed for the exit, the share prices of Italian banks plunged during Monday trading, with losses worsening as the day wore on.
The country’s biggest bank UniCredit saw its share price crash by more than six per cent.
And Italy’s oldest – and most vulnerable – bank Monte dei Paschi di Siena (MPS) saw prices dive by more than four per cent.
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