Silver as an investment

Category Archives: Monte Paschi

Deutsche Bank Accused Of Running An “International Criminal Organization”

Having been accused, and found guilty, of rigging and manipulating virtually every possible asset class, perhaps it was inevitable that Deutsche Bank, currently on trial in Milan for helping Banca Monte dei Paschi di Siena SpA conceal losses (as first reported last October in “Deutsche Bank Charged By Italy For Market Manipulation, Creating False Accounts“) […]

Italy Warns Sudden Collapse Of Alitalia Would Lead To “Great Shock” For The Economy

That Italy has a bank solvency problem will not come as a surprise to anyone who has been following events in Europe for the past 7 years. Just yesterday, Italian daily La Stampa reported that four months after the third government bailout of Italy’s third largest bank in as many years, the Italian government may […]

“There Must Not Be A Bail In”: Germany Vows “No Debt Relief For Greece”

The standoff over the Greek debt crisis was nowhere closer to an amicable resolution on Sunday, when Germany’s deputy finance minister Jens Spahn said in an interview with German broadcaster Deutschlandfunk that Greece must not be granted a “bail in” that would involve creditors taking a loss on their loans, reiterating the German government’s opposition […]

The Italian Bank Run: Monte Paschi Capital Shortfall Surges 75% To €8.8Bn Due To “Rapid Liquidity Deterioration”

zerohedge.com / by Tyler Durden / Dec 26, 2016 5:50 PM While the big news last week was that Italy’s third largest bank, Monte Paschi, had been nationalized after JPM destroyed the bank’s chances of securing a private-sector rescue, and that Italy would issue up to €20 billion in public debt to fund the bailout of this, and […]

Futures Unchanged In Thin Pre-Holiday Tape; Italian Bank Bailout Lifts European Shares

European stocks halted two days of declines, with the Stoxx 600 fractionally in the green and Italy’s bonds climbing after Monte Paschi requested a bailout and Italy pledged to provide support for its other ailing lenders. S&P futures were little changed among extremely thin volumes while Chinese stocks dropped amid concerns on higher borrowing costs. […]

It’s Official: Italy Will Nationalize Monte Paschi

So far, so expected. After earlier announcing the failure to attract any anchor investors for a private capital raise, Monte Paschi has announced that it will officially ask the Italian government for a "precuationary capital increase" – in other words a bailout. The funds will come from the newly decreed EUR20 billion bailout fund, and […]

Italy To Nationalize Monte Paschi After Private Sector Rescue Fails

zerohedge.com / by Tyler Durden / Dec 21, 2016 11:00 AM Update: the FT writes that the Italian govt set to take a stake between 50% and 70% in Monte dei Paschi, up from the current 4% stake, as part of the government’s third bailout in as many years. As the FT adds, “the government rescue, which had […]

Italy Seeks Authorization To Raise National Debt To Fund Bank Bailouts, As BMPS Rescue Plan In Jeopardy

While Italy scrambles to conclude a private sector rescue of ailing Monte Paschi, which hopes to raise €5 billion in the form a share sale to anchor and retail investors, while at the same time the bank is underoing a debt for equity swap, moments ago Reuters reported that Italy’s cabinet will meet later on […]

Global Stocks, Yields, Dollar Fade In Muted Volume As Traders Close Out 2016 Books

Global markets begin the last full week of trading of the year in subdued fashion, with U.S. equity futures rising 0.1%, to 2,258.5, European shares decline halting two straight weeks of gains, and Asian shares hitting a four-week low. The Dollar extends losses, yen and gold rise amid geopolitical concerns as the fallout from China’s […]

Monte Paschi Launches Share Sale To Avoid State Rescue As Germany Warns Against Taxpayer Bailout

In a last ditch attempt to avoid a state bailout, on Monday Italy’s Monte Paschi will begin a share sale process as it aims to complete a capital raise of €5 billion ($5.2 billion) before Christmas, Bloomberg reported overnight. The bank will canvass institutional investor interest through Thursday, while the offer for retail investors will […]