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PRESS RELEASE


City of London Tries Terror To Stop a ‘No’ Victory in Italy

Nov. 29, 2016 (EIRNS)—In what the daily Il Giornale called "an act of "financial terrorism," the City of London’s Financial Times yesterday warned (threatened) that

"Up to eight of Italy’s troubled banks risk failing if Prime Minister Matteo Renzi loses a constitutional referendum next weekend and ensuing market turbulence deters investors from recapitalizing them."

In the event of a "No" vote, and of Renzi’s exit, "bankers fear protracted uncertainty during the creation of a technocratic government." Nota Bene: The FT forecasts a victory for the No, a Renzi exit, and a technocratic government.

The eight banks would be: Monte dei Paschi, Popolare di Vicenza, Veneto Banca, Carige (Genoa), Banca Etruria, CariChieti, Banca delle Marche, and CariFerrara. The latter four are the small banks which were rescued last year.

The FT warns that, if the No wins, there will be turbulence and the current rescue plan (recapitalization) for Monte dei Paschi will fail, thus triggering a "wider loss of confidence in Italy" and forcing a resolution (read: bail-in) of all eight banks.

In reaction to the FT article, all bank shares dropped on the Milan stock market yesterday, and the spread on sovereign debt between Italy and Germany grew to approach 200 points.

What the City of London is afraid of, is that the "No" will not only stop the EU plan for suppressing the Italian Constitution, but will also be another domino in the process spelling the end of the establishment power.