Could anyone please explain what will happen to Monte dei Paschi shareholders in case of the government bail-in.
Just when you thought the Euro-zone (EZ) & Europe could not experience a bigger set of risks following the Brexit vote, Sunday 4th Dec 2016, the key date for the Italian referendum which has the potential of shaping the direction of the EZ in ways the UK could never have.
Italy was not just part of the inception of the EZ on 1 Jan 1998, but it is also a founding member of the European Union from 1st Nov 1993.
The issues that the EZ has been facing have been structural in nature, hence Italy’s Prime Minister Renzi’s – a political maverick – push for a much needed reform to the Italian constitution, that should pace the wave for long overdue labour & business reform, has crippled Italian entrepreneurs & the economy for decades. As with all issues with structural reform, the vested interests – especially in Italy – are embedded deeply.
The referendum was called after Renzi, failed to obtain the 2/3 majority needed in parliament to push through the necessary structural changes. The big issue is the senate needs a downgrade in power as it is often the source of political gridlock.
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