Italian referendum

Thrugelmir

mwpt wrote: »

In your opinion, what would have happened to the UK if we had joined the Euro?

We would now be suffering from an uncompetitive exchange rate. A floating rate is beneficial.

BobQ

Conrad wrote: »

Once again the people feel they have not been listened to and are rejecting the dopey Establishment.

The Asian Tiger economies quickly recovered from thier late 90s crash, thanks to being in full control of thier economic weaponry. Club Med nations are long suffering from being in the EU straight jacket.

Meanwhile the Establishment centre ground got nowhere near power in Austria, again new politics is being delivered. The far right came close to winning, that's profound.

Let's this be a warning to the authoritarian liberal elite in Britiain

I'm shocked that a member of the EU is able to exercise sovereignty over its democratic processes. Do they realise that the EU stops us all from doing anything?:)

Crashy_Time

HAMISH_MCTAVISH wrote: »

No surprise that the euro and markets have brushed this off as a non issue.

Nothing to panic about as the referendum outome was to keep the current constitutional arrangements.

Probably can`t get any worse for Aberdeen house prices and rents, so yes, nothing for YOU to panic about Hamish.......:rotfl:

A_Medium_Size_Jock

Now Renzi is urging an early general election - and he's not alone:

Sources said Tuesday that resigning Premier Matteo Renzi has reportedly called for snap elections based on whatever electoral law results from a Constitutional Court ruling on the Italicum, which is expected sometime in January. The current legislature ends in 2018, but elections could be held as early as February 2017 if an electoral law is in place.

http://www.ansa.it/english/news/2016/12/06/renzi-urges-early-general-election_c8cfd93f-abc0-47c3-8c12-552951990f28.html

The_Last_Username

A_Medium_Size_Jock wrote: »

Now Renzi is urging an early general election - and he's not alone:

http://www.ansa.it/english/news/2016/12/06/renzi-urges-early-general-election_c8cfd93f-abc0-47c3-8c12-552951990f28.html

I was just reading that on Reuters.
A date as early as February is being mooted.
http://uk.reuters.com/article/uk-italy-politics-idUKKBN13V1C5?il=0

TrickyTree83

The crisis continues:

http://news.sky.com/story/worlds-oldest-bank-monte-dei-paschi-in-share-price-plunge-10689320

The_Last_Username

TrickyTree83 wrote: »

The crisis continues:

http://news.sky.com/story/worlds-oldest-bank-monte-dei-paschi-in-share-price-plunge-10689320

Now hey, the Italian government has crumbled and Italian banks are facing the most severe difficulties of the modern age, but crisis?
Crisis?

Not according to many in these forums who refuse to accept any difficulties anywhere in the Eurobloc.
Holland, France and heck even Hungary or the Visegrad nations are all doing just hunky-dory . . . . . in the blinkered eyes of some.
They will even try to say "there's nothing reported in European media" which is pure bull poop, because I read it when I get the time.

So here's some Italian coverage - in the English version, just to make life easier - and note if you will their own use of the word "crisis":
http://www.ansa.it/english/news/2016/12/09/mps-plunges-10-as-ecb-recapitalization-deadline-extension-2_42ce24c4-2d12-4b3f-8949-fe2b6e4f16c2.html

http://www.ansa.it/english/news/2016/12/09/second-day-of-presidents-consultations-begins-3_aa896655-573f-4eb4-a7c4-4a893c963794.html

cogito

Which means that the Italian government (if there is such a thing) will have to let it go bust or nationalise it. I thought all these ECB stress tests were meant to avoid this.

antrobus

cogito wrote: »

Which means that the Italian government (if there is such a thing) will have to let it go bust or nationalise it. I thought all these ECB stress tests were meant to avoid this.

The point of any stress test is to identify those banks that are at risk of going under if something really bad happens in the future. Those banks that fail, can then be told that they need more capital.

As it happens, the last ECB test concluded that the fully loaded CET1 capital ratio under its Adverse 2018 scenario for the Banca Monte dei Paschi di Siena was minus 2.44%. This is not good. Every other bank they looked at least managed a positive result.

So the MdP needs some more capial. About €5 billion, apparently, which it trying to raise from the usual suspects. In the current circumstances, doubts have been expressed as to whether anyone will actually want to subscribe to this share issue. If the MdP fails to raise the money, the assumption is that the Italian government would step in and nationalise it.

But the Italian PM has just resigned and there is no government.:)

TrickyTree83

I thought they couldn't nationalise it due to EU regulation?