Прочетохте ли уводната статия на the Economist на тема италиански банки?
Всъщност проблемът е, че трябва първо да bail-in-ват държателите на облигации и чак тогава да помпат държавни пари. Но в Италия държателите на CoCos са предимно баба и дядо...
Много кофти история.
The feeling will grow that Italy is getting scant benefit from the supposed pooling of risks across the euro zone, but is damaged by the many constraints it is under—by its inability to devalue its way towards stronger growth, by a fiscal compact that shackles its budget, and now by bail-in rules that came in after other countries had bailed out their banks. If Italians were ever to lose faith in the euro, the single currency would not survive.
Много кофти история.
The principle of “bailing in” creditors rather than sticking the bill to taxpayers is a good one. In most countries bank bonds are held by big institutional investors, who know the risks and can afford the loss. But in Italy, thanks in part to a quirk of the tax code, some €200 billion of bank bonds are held by retail investors. When a few small banks were patched up under the new rules in November, one retail bondholder committed suicide. It caused a political storm. Forcing ordinary Italians to take losses again would badly damage Matteo Renzi, the prime minister, dashing his hope of winning a referendum on constitutional reform in the autumn. Mr Renzi wants the rules to be applied flexibly.
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