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.
By
Alastair Marsh
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.

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