Heterodox
This has been brewing for some time and the full effects of it are unclear, but see here:Aoife White, “EU Approves $166 Billion Liquidity Guarantee for Italy Banks,” Bloomberg.com, July 1, 2016.Valentina Pop, Gabriele Steinhauser and Giovanni Legorano, “European Commission Authorized Italian Government to support Banks,” Wall Street Journal, June 30, 2016.The Italian banks reportedly have €360 billion of non-performing loans on their books, and the European Commission – apparently shooting...
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