Italy’s Monte dei Paschi Saga Threatens to End in ‘Financial Fascism’
SputnikNews.com
03.01.2017
The EU may resort to fascist measures to save its financial system from collapse, Financial expert Ernst Wolff told Sputnik Deutschland
Analysts were confounded by the events of 2016, and so-called experts continue to ignore the real issues which threaten the world economy in the coming year, financial expert Ernst Wolff told Sputnik Deutschland.
“The problem is that the allegedly well-founded analyses of these ‘experts,’ like the usual reportage by the true culprits to the current problems — speculators, bankers and the politicians under their control – spread panic where it’s completely inappropriate and trivialize where urgent attention is needed,” Wolff said.
The potential fall of Italy’s venerable Monte dei Paschi bank, which is struggling under the weight of billions of euros of non-performing loans, is a case in point. Italy’s oldest bank made a loss of 1.15 billion euros in the third quarter of 2016, and distressed loans make up 38 percent of its assets.
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