In 2013 The Economist depicted Italy’s self-described “populist” Beppe Grillo as a clown on its front cover. Yet his party still leads the polls. And that lead is growing… Read More Eurozone Continues to Ignore Its Biggest Threat
To the ECB’s barely contained glee, inflation is back, alive, kicking and biting, in the Eurozone.… Read More ECB Trapped in its Own “Doom Loop” as Inflation Surges
Vast liabilities are being switched quietly from private banks and investment funds onto the shoulders of taxpayers across southern Europe. It is a variant of the tragic episode in Greece, but this time on a far larger scale, and with systemic global implications.… Read More Unpayable Debts and an Existential EU Financial Crisis – Are Eurozone Central Banks Still Solvent?
“There is no clear vision of the problem and no strategy,” Italy’s bad banker-in-chief, Alessandro Penati, told a financial conference in Milan. He said he was virtually working alone on rescues that had revealed “horror stories” within some banks.… Read More Italy’s Banking Crisis Is Even Worse Than We Thought
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… Read More Plan B for Italian Banks Is Like Fight Club: You Don’t Talk About It (Except in Italy)