Will Italy's Banks Eclipse Brexit as the Next Big Threat?
State intervention to support Italian banks can’t be ruled out, given the risk that current difficulties may undermine trust in the nation’s financial industry, said Bank of Italy Governor Ignazio Visco. “Given the risk that, in a context of high uncertainty, limited problems could undermine the trust in the banking system, a public intervention cannot be excluded,” Visco said in a speech on Friday at the Italian Banking Association’s annual meeting in Rome. Italian authorities are racing to shore up a financial system burdened by about 360 billion euros ($399 billion) of troubled loans, amid the ECB’s increasing pressure on Italian lenders to clean up their balance sheets and tackle troubled loans that are undermining lending. Panmure Gordon Chief Economist Simon French discusses with Bloomberg's Francine Lacqua on "The Pulse."
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