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Italy’s Crisis Turns into a Multi-Headed Hydra

Sunday, November 20, 2016 0:25
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(Before It's News)

Wolf Street

wolfstreet.com / by Don Quijones •  

Making Retail Investors pay.

By Don Quijones, Spain & Mexico, editor at WOLF STREET.

Bank stocks have surged just about everywhere since Trump’s election, with one exception: Italy. In the last month only one large Italian bank has seen its shares rise, and that’s the 500-year old bank at the center of Italy’s banking crisis, Monte dei Paschi di Siena, whose nearly worthless shares jumped to €0.24.

All the Wrong Signals

Shares of Italy’s other large banks have suffered heavy losses. Over the past week alone, shares of Italy’s largest bank, Unicredit, plunged 15%, as did the shares of Banca Popular and UBI Banca. Shares of Italy’s second largest bank, Intesa Sanpaolo, fell just under 10%.

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The post Italy’s Crisis Turns into a Multi-Headed Hydra appeared first on Silver For The People.

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