Banks, Eurogroup: Italian crisis is acute. Renzi: the agreement is at hand – Rai News

continued tight negotiations between Italy and the European Commission on the Italian banking system. very critical editorial in the Financial Times. Renzi: I worry a lot more banks in other countries

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11 July 2016 E ‘utmost prudence on the case Italian bank. On the negotiations under way between Italy and the European Commission have not emerged – on the edge of the Eurogroup discussions – news compared to what emerged in recent days.

The discussions concerning the position of creditors of banks that will be interested in precautionary recapitalisations: l ‘Italian press to safeguard even institutional investors, while the Commission considers that a problem of confidence in the banking system and in any case one of proportionality in assessing the burden on the various subjects indicated by the rules of the’ bail-in ‘is only apparent with reference to investors non-institutional, which are the investors who have invested in convertible bonds.

Economy Minister Padoan With
journalists, Padoan Minister has spoken generally of ” other precautionary tools “, in addition to the possibility already foreseen and authorized by Brussels of government guarantees against possible liquidity crisis, tools that will be ‘seen’. It is precisely such difficult subject of the instruments negotiated with the European Commission. What is certain is that neither the Community institutions nor – at least so far – of the banking supervision authorities, ie the ECB, found them ‘emergency’ situation of Italian banks, such as to require that a sort of ‘suspension’ of the ‘bail rules -in ‘for a whole series of creditors.

Dijsselbloem: the crisis is acute
Prudente was first demonstrated Minister Schaeuble German Finance. The Eurogroup President Jeroen Dijsselbloem, which is the Netherlands Minister and is pressed than ever by Euro-skeptics and the eurodubbiosi the national parliament in the upcoming elections in the Netherlands, planned for next spring. Dijsselbloem now indicates that the Italian situation “is an acute crisis” and so takes time.

The call for caution is also intended to calm the waters on the stock exchange, to prevent cross-border lack of confidence. “The depositors will be protected by the government”, says our Economy Minister Padoan. No mention of the Eurogroup Italian banks, said Padoan, visibly very upset about the story media of ” affaire “, the Rome-Brussels negotiations. In fact preventive recapitalizations with flexible interpretations of the rules of the ‘bail-in’ are not part of the order of the day just ended Eurogroup and Ecofin even Tuesday. But it is one of the issues on which intervene publicly many ministers and Padoan is an opportunity to directly verify what is the mood of the other governments about the possible spaces to find a solution.

The Vice President Commission, Valdis Domborvskis is not unbalanced, stressing that the EU cooperates with Roma and that there are “different ways in which (the question-ed) can be addressed, if they were to emerge liquidity problems or capital , in compliance with European rules and without damaging the financial stability or retail investors. “

However, it is July 29 the reference date : the EBA will disseminate the results of stress test. If by that date will not be identified clear solutions to the case Mps and the rest of the open problems in the Italian system in relation to the precautionary recapitalisations, then, yes, there could be serious problems of instability.

Financial Times: in Italy there are “more bank branches pizzerias”
on the subject of Italian banks intervened, however, with rather harsh tone to the Financial Times, in an editorial that speaks of growing doubts about the sector and the implemented reforms. Claiming that in Italy there would be even “more bank branches pizzerias”, an image that still gives the newspaper the OECD, and that the solution to the problems can only pass from painful cuts to “tens of thousands of jobs.” Paradoxically, the newspaper lying recognizes the Renzi government of “having been the one who has done more in the last 20 years to reform the fragmented industry.” “But many fear it is too little, too late” and unfortunately the time to act is running out, “just as they approach the referendum on constitutional reforms.

Matthew Renzi:” Intesa within reach hand “
President of the Council, Matteo Renzi, interviewed by Beppe Severgnini on Corriere.it raised the ball in Europe: “the Economist summary is that the problem is the banks but I think that in the EU the problem is not the Italian bank. They are much more concerned about the derivatives of banks in other countries without the Non-performing loans, problem loans, than ours. “And then: a deal with Europe on banks’ compatible with the current rules is at hand.” “we want the Italian savers and depositors are safe.”

the prime minister stressed that “the tranquility compared to the problems of some Italian banks to ensure aiming for a simple goal: we want that the savers and depositors Italians are safe, period. Then the banks will have to merge, there must be less seats on the boards. “Then, after repeating that the main problem are the derivatives in foreign banks, Renzi added:” In Italy we have a particular issue than the other. In 2010, 2011, 2012 maybe it had to do then the intervention of banks that decided to do. Merkel has put 247 billion of Euros in German banks, because he thought it was a good opportunity for the German system. Now the rules have changed, it is impossible to do it in the manner of that time. “And” it was not done for the then government policy assessments. “