Italian Banks Crash Despite ‘All Clear’ From EU Stress Tests
- Italian Banks Crash Despite ‘All Clear’ From EU Stress Tests
by Tyler Durden, http://www.zerohedge.com
For a few minutes at the open, mainstream business media persuaded itself that the EU stress tests had proved that everything was fine in Europe’s banking system again. But very quickly, things went south with Italian banks – the center of the storm – reversing gains and then extending losses with Unicredit now down 8% (after being up 4%).
As Citi’s Christian Schulz notes, “The 2016 stress test is unlikely to fully restore investors’ trust in the eurozone banking system, in our view.” And it seems he is right…
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