Economy Minister Pier Carlo Padoan, speaks of “a few limited cases’, states that” there is no risk because the system of Italian banks is solid. ” It ensures not only that the ‘savings will be protected, “but also that” for the moment there is no need “to resort to bail measures, even those who do pay shareholders and bondholders the eventual failure of lenders. The governor of the Bank of Italy, Ignazio Visco, uses almost the same words: “There is to be clarified very strongly that it is not addressing the issue of Italian banks as a system problem, rather as a problem of some banks ». It then goes into detail of the numbers.
on the question of suffering , loans difficult to recover in the belly of Italian banks, it “speaks of aggregate data that are frankly exaggerated because – says the governor – in most cases there are important safeguards against “. According to Visco, “the suffering are some fifteen billion euro: are the net that is what the banks have put on their balance sheets.” And how could weigh on the financial markets? “In the worst case about half 7-8 billion. Let’s talk about something important, but definitely not a crisis of the Italian banking system. “
At the G20 Chinese Chengdu , which closed yesterday, also discussed the situation of the banks Italian. At the center of the two days of meetings, however, there was the Brexit, the output of the United Kingdom by the European Union. And its possible negative effects on the world economy. According Visco “the fall in the prices of bank shares” is linked precisely to the result of the London referendum. “Investors – he explains – see less profit margins on banks because of Brexit. Consequently, without the earnings outlook, the securities yield. ” Also why the final document of the summit of the 20 strongest economies, which was attended by economic ministers and the governors of the central banks, not only acknowledges that “global growth is, however, remains weaker than desirable.” But it stresses as well as the path that London will follow after the referendum a month ago should be clear and decided quickly.
Because it is mainly the uncertainty to weigh on the economy . From the Italian point of view the Minister Padoan said that “we will continue to keep the bar straight on the growth policy.” And that when “in a few months we will launch the law of balance, we will evaluate the new macroeconomic framework to a global slowdown light.” One thing is certain. As I mentioned several times by the same Padoan and the President of the Council, Matteo Renzi, priority will be given to the sterilization of the safeguard clauses of 15 billion, that is, the stop for the VAT increase that otherwise would take effect automatically next year . It would be a blow for consumption that are struggling to sustain the recovery. And political suicide on the eve of the referendum on constitutional reform.
July 24, 2016 (amendment July 25, 2016 | 07:29)
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