Skip to content
Subscriber Only

Merkel's 'Cherry Picking' Ban May Apply as Much to Italy as the U.K.

Italian banks shouldn't expect an exemption from rules imposing losses on bondholders.
Photographer: Krisztian Bocsi/Bloomberg

Angela Merkel warned Britain on Tuesday it shouldn't expect it can choose the parts of the European Union it wants to keep while wriggling free of those it doesn't.

She might as well have been talking to Italy.