Plan B for Italian Banks Is Like Fight Club: You Don’t Talk About It (Except in Italy)

By Francine Lacqua and cross-pòsted from City AM

Back in 2010, as the Greek crisis began, I was up in the mountains of Davos interviewing Joaquin Almunia, the then EU economics commissioner. Eight times I asked him: does the EU have a Plan B if Greece’s banks fail?

After fudging an answer on the first four attempts, saying Plan A was surely going to work, he lost his temper and shouted back: “Please stop asking. There is no Plan B. We only have a Plan A – and it will work.”

That’s a bit rash, I thought. Why wouldn’t you have a Plan B? I have a back-up option for almost everything that could lead to an emergency in my life (please don’t judge – I have a household to manage). If the kids need picking up and I can’t go, I know who to call. The same for when my PC doesn’t start. And for the babysitter, plumber and electrician too. Sometimes I even have a back-up for the back-up.

But the commissioner told me he didn’t want a Plan B because then everyone would assume it was, in fact, Plan A. Just like Tyler Durden’s first rule of Fight Club, in case you haven’t seen the movie: you don’t talk about Fight Club

Continue reading the article

One thought on “Plan B for Italian Banks Is Like Fight Club: You Don’t Talk About It (Except in Italy)

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s