Italian bank CDS: Progress on long road to redemption

By GlobalCapital
03 Aug 2017

The eurozone has many structural flaws, inherent design failings that have been painfully exposed over the past decade. Some of these have been rectified and good progress has been made on a banking union, in particular. But the work is not complete and if there was an Achilles heel that threatened to scupper efforts to strengthen the currency bloc, it was the Italian banking system, writes Gavan Nolan.

At the beginning of 2017 the outlook appeared bleak. Balance sheet quality was poor with non-performing loans representing 15% of assets, three times the EU average. Political obstacles to state rescues of weaker banks were high in the new European Union recovery and resolution framework. It seemed like ...

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