Others have questioned the solidity of Italy’s banks, but Italy’s prime ministers and economy ministers have repeatedly claimed there’s nothing to worry about. One economy minister stated that Italy takes great care of its banks.
Well, maybe all these people were not telling the truth.
Back in July 2011, then prime minister, now passport-less expelled-from-parliament-convict Silvio Berlusconi claimed Italy’s banks were solid.
In January 2013, then economy minister Vittorio Grilli stated that Italy’s banks were solid.
In late 2013, Italy’s now ex-economy minister Fabrizio Saccomanni claimed that Italy’s banks were solid, and he added, for good measure, that the world need not worry because Italy has taken great care of its banks.
Italy’s biggest bank, Uncredit posts a record €15 billion loss as a result of setting aside cash to cover bad loans.
Do solid banks make €15 billion losses?
Unicredit has announced that it is to reduce its workforce by 8,500 by 2018. 5,700 of those job losses will affect Italians.
Do solid banks chop so many jobs?
Maybe Italy has not been taking such good care of its banks as it has been claiming.
According to Bloomberg, auditors were to have to started taking a look at Unicredit’s accounts yesterday. Maybe they should have started in mid-2011.