{"id":9219,"date":"2016-07-04T02:41:26","date_gmt":"2016-07-03T23:41:26","guid":{"rendered":"http:\/\/bestinsurance.gr\/a1\/?p=9219"},"modified":"2016-07-04T02:41:26","modified_gmt":"2016-07-03T23:41:26","slug":"we-wont-be-lectured-italys-renzi-to-defy-brussels-over-banking-bailout","status":"publish","type":"post","link":"https:\/\/bestinsurance.gr\/a1\/archives\/9219","title":{"rendered":"&#8220;We Won&#8217;t Be Lectured&#8221; &#8211; Italy&#8217;s Renzi To Defy Brussels Over Banking Bailout"},"content":{"rendered":"<div data-animation=\"no-animation\" data-icons-animation=\"no-animation\" data-overlay=\"\" data-change-size=\"\" data-button-size=\"0.7\" style=\"font-size:0.7em!important;display:none;\" class=\"supsystic-social-sharing supsystic-social-sharing-package-flat supsystic-social-sharing-content supsystic-social-sharing-content-align-left\" data-text=\"\"><a data-networks=\"[]\" class=\"social-sharing-button sharer-flat sharer-flat-1 counter-arrowed facebook\" target=\"_blank\" title=\"Facebook\" href=\"http:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fbestinsurance.gr%2Fa1%2Farchives%2F9219\" data-main-href=\"http:\/\/www.facebook.com\/sharer.php?u={url}\" data-nid=\"1\" data-name=\"\" data-pid=\"1\" data-post-id=\"9219\" data-url=\"https:\/\/bestinsurance.gr\/a1\/wp-admin\/admin-ajax.php\" rel=\"nofollow\" data-mailto=\"\"><i class=\"fa-ssbs fa-ssbs-fw fa-ssbs-facebook\"><\/i><div class=\"counter-wrap arrowed\"><span class=\"counter\">0<\/span><\/div><\/a><a data-networks=\"[]\" class=\"social-sharing-button sharer-flat sharer-flat-1 counter-arrowed twitter\" target=\"_blank\" title=\"Twitter\" href=\"https:\/\/twitter.com\/share?url=https%3A%2F%2Fbestinsurance.gr%2Fa1%2Farchives%2F9219&text=%26%238220%3BWe+Won%26%238217%3Bt+Be+Lectured%26%238221%3B+%26%238211%3B+Italy%26%238217%3Bs+Renzi+To+Defy+Brussels+Over+Banking+Bailout\" data-main-href=\"https:\/\/twitter.com\/share?url={url}&text={title}\" data-nid=\"2\" data-name=\"\" data-pid=\"1\" data-post-id=\"9219\" data-url=\"https:\/\/bestinsurance.gr\/a1\/wp-admin\/admin-ajax.php\" rel=\"nofollow\" data-mailto=\"\"><i class=\"fa-ssbs fa-ssbs-fw fa-ssbs-twitter\"><\/i><div class=\"counter-wrap arrowed\"><span class=\"counter\">0<\/span><\/div><\/a><\/div><p>&#8220;We Won&#8217;t Be Lectured&#8221; &#8211; Italy&#8217;s Renzi To Defy Brussels Over Banking Bailout.<span style=\"color: rgb(0, 0, 0); font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif; font-size: 13px; line-height: 1.3; background-color: rgb(255, 255, 255);\">With all eyes distratcted by the post-Brexit euphoria, the last week has seen a&nbsp;<\/span><strong style=\"color: rgb(0, 0, 0); font-family: inherit; font-size: inherit; line-height: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; vertical-align: baseline;\">far more existential crisis accelerating in Europe<\/strong><span style=\"color: rgb(0, 0, 0); font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif; font-size: 13px; line-height: 1.3; background-color: rgb(255, 255, 255);\">. Italy&#8217;s banking system is in tatters (from a<\/span><span style=\"color: rgb(0, 0, 0); font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif; font-size: 13px; line-height: 1.3; background-color: rgb(255, 255, 255);\">&nbsp;<\/span><a href=\"http:\/\/www.zerohedge.com\/news\/2016-07-01\/italy-just-bailed-out-another-failed-bank-may-use-pension-funds-future-bank-rescues\" style=\"font-family: inherit; font-size: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: 1.2; vertical-align: baseline; word-wrap: break-word; color: rgb(30, 67, 154);\">EUR40bn bailout 6 days ago<\/a><span style=\"color: rgb(0, 0, 0); font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif; font-size: 13px; line-height: 1.3; background-color: rgb(255, 255, 255);\">, to<\/span><span style=\"color: rgb(0, 0, 0); font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif; font-size: 13px; line-height: 1.3; background-color: rgb(255, 255, 255);\">&nbsp;<\/span><a href=\"http:\/\/www.zerohedge.com\/news\/2016-06-30\/european-commission-grants-italy-crisis-%E2%82%AC150bn-bank-bailout-program-prevent-run-depo\" style=\"font-family: inherit; font-size: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: 1.2; vertical-align: baseline; word-wrap: break-word; color: rgb(30, 67, 154);\">EUR150 emergency support 3 days ago<\/a><span style=\"color: rgb(0, 0, 0); font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif; font-size: 13px; line-height: 1.3; background-color: rgb(255, 255, 255);\">, to a bank bailout and<\/span><a href=\"http:\/\/www.zerohedge.com\/news\/2016-07-01\/italy-just-bailed-out-another-failed-bank-may-use-pension-funds-future-bank-rescues\" style=\"font-family: inherit; font-size: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: 1.2; vertical-align: baseline; word-wrap: break-word; color: rgb(30, 67, 154);\">chatter of further support from pension funds Friday<\/a><span style=\"color: rgb(0, 0, 0); font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif; font-size: 13px; line-height: 1.3; background-color: rgb(255, 255, 255);\">) but, in what seems like a clear admission that things are really bad,<\/span><span style=\"color: rgb(0, 0, 0); font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif; font-size: 13px; line-height: 1.3; background-color: rgb(255, 255, 255);\">&nbsp;<\/span><a href=\"http:\/\/www.ft.com\/cms\/s\/0\/e3b53640-4108-11e6-9b66-0712b3873ae1.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct#axzz4DMzr5RtQ\" style=\"font-family: inherit; font-size: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: 1.2; vertical-align: baseline; word-wrap: break-word; color: rgb(30, 67, 154);\">The FT reports<\/a><span style=\"color: rgb(0, 0, 0); font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif; font-size: 13px; line-height: 1.3; background-color: rgb(255, 255, 255);\">&nbsp;<\/span><span style=\"color: rgb(0, 0, 0); font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif; font-size: 13px; line-height: 1.3; background-color: rgb(255, 255, 255);\">that Italian prime minister Matteo<\/span><strong style=\"color: rgb(0, 0, 0); font-family: inherit; font-size: inherit; line-height: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; vertical-align: baseline;\">&nbsp;Renzi is prepared to defy the EU and unilaterally pump billions of euros into its troubled banking system<\/strong><span style=\"color: rgb(0, 0, 0); font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif; font-size: 13px; line-height: 1.3; background-color: rgb(255, 255, 255);\">if it comes under severe systemic distress, a last-resort move that would<\/span><span style=\"color: rgb(0, 0, 0); font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif; font-size: 13px; line-height: 1.3; background-color: rgb(255, 255, 255);\">&nbsp;<\/span><strong style=\"color: rgb(0, 0, 0); font-family: inherit; font-size: inherit; line-height: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; vertical-align: baseline;\">smash through the bloc\u2019s nascent regime for handling ailing banks<\/strong><span style=\"color: rgb(0, 0, 0); font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif; font-size: 13px; line-height: 1.3; background-color: rgb(255, 255, 255);\">.<\/span><\/p>\n<p style=\"box-sizing: border-box; margin: 0.25em 0px 0.75em; padding: 0px; border: 0px; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif; vertical-align: baseline; color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);\"><a href=\"http:\/\/www.zerohedge.com\/news\/2016-06-27\/first-casualty-brexit-italy-prepares-%E2%82%AC40-billion-bank-bailout\" style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.2; font-family: inherit; vertical-align: baseline; word-wrap: break-word; color: rgb(30, 67, 154);\">As we noted previously<\/a>,&nbsp;<strong style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;\">Brexit will be just the scapegoat used by Renzi and Italy to circumvent any specific eurozone prohibitions<\/strong>. And if it fails, all Renzi has to do is hint at a referendum of his own. Then watch as Merkel scrambles to allow Italy to do whatever it wants, just to avoid the humiliation of a potential &#8220;Italeave.&#8221;<\/p>\n<p style=\"box-sizing: border-box; margin: 0.25em 0px 0.75em; padding: 0px; border: 0px; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif; vertical-align: baseline; color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);\">\n<p style=\"box-sizing: border-box; margin: 0.25em 0px 0.75em; padding: 0px; border: 0px; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif; vertical-align: baseline; color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);\">[expander_maker more=&#8221;\u0394\u03b9\u03b1\u03b2\u03ac\u03c3\u03c4\u03b5 \u03c0\u03b5\u03c1\u03b9\u03c3\u03c3\u03cc\u03c4\u03b5\u03c1\u03b1&#8221; less=&#8221;\u0394\u03b9\u03b1\u03b2\u03ac\u03c3\u03c4\u03b5 \u03bb\u03b9\u03b3\u03cc\u03c4\u03b5\u03c1\u03b1&#8221;]<span style=\"line-height: 1.3;\">And sure enough,<\/span><a href=\"http:\/\/www.ft.com\/cms\/s\/0\/e3b53640-4108-11e6-9b66-0712b3873ae1.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct#axzz4DMzr5RtQ\" style=\"font-family: inherit; font-size: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: 1.2; vertical-align: baseline; word-wrap: break-word; color: rgb(30, 67, 154);\">&nbsp;as The FT reports,<\/a><span style=\"line-height: 1.3;\">&nbsp;<\/span><span style=\"line-height: 1.3;\">Matteo Renzi, the Italian prime minister, is<\/span><span style=\"line-height: 1.3;\">&nbsp;<\/span><strong style=\"font-family: inherit; font-size: inherit; line-height: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; vertical-align: baseline;\">determined to intervene with public funds if necessary despite warnings from Brussels and Berlin over the need to respect rules that make creditors rather than taxpayers fund bank rescues,<\/strong><span style=\"line-height: 1.3;\">&nbsp;<\/span><span style=\"line-height: 1.3;\">according to several officials and bankers familiar with their plans.<\/span><\/p>\n<blockquote style=\"box-sizing: border-box; position: relative; padding: 0px; margin-top: 0px; margin-bottom: 0px; border: 0px; font-stretch: inherit; font-size: 13px; line-height: 13px; font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif; vertical-align: baseline; quotes: none; color: rgb(0, 0, 0); margin-right: 5px !important; margin-left: 5px !important; background-color: rgb(255, 255, 255);\">\n<p class=\"quote_start\" style=\"box-sizing: border-box; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding: 0px; border-width: 1px 0px 0px 1px; border-top-style: solid; border-left-style: solid; border-top-color: rgb(233, 239, 243); border-left-color: rgb(233, 239, 243); font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; bottom: 3em; left: 0px; min-height: 2em; position: absolute; top: 0px; width: 64px;\">\n<p style=\"box-sizing: border-box; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; position: absolute; height: 9px; width: 9px; left: -5px; top: -5px; background-image: url(&quot;\/sites\/all\/modules\/blockquote\/images\/menu-leaf.gif&quot;); background-position: left top;\">\n<p class=\"quote_end\" style=\"box-sizing: border-box; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding: 0px; border-width: 0px 1px 1px 0px; border-right-style: solid; border-bottom-style: solid; border-right-color: rgb(233, 239, 243); border-bottom-color: rgb(233, 239, 243); font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; bottom: 0px; position: absolute; right: 0px; top: 2.3em; width: 64px;\">\n<p style=\"box-sizing: border-box; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; position: absolute; height: 9px; width: 9px; bottom: -5px; right: -5px; background-image: url(&quot;\/sites\/all\/modules\/blockquote\/images\/menu-leaf.gif&quot;); background-position: right bottom;\">\n<p style=\"box-sizing: border-box; margin-top: 0.25em; margin-right: 0px !important; margin-bottom: 0.75em; margin-left: 0px !important; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.3; font-family: inherit; vertical-align: baseline; width: inherit !important;\">The threat has raised alarm among&nbsp;<u style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;\"><strong style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;\">Europe\u2019s regulators, who fear such a brazen intervention would devastate the credibility of the union\u2019s newly implemented banking rule book during its first real test.<\/strong><\/u>&nbsp;In the race to find workable solutions, Margrethe Vestager, the EU\u2019s competition chief, has laid out options for Rome to address its banking problems without breaking the bail-in principles of Europe\u2019s banking union.&nbsp;&nbsp;<\/p>\n<p style=\"box-sizing: border-box; margin-top: 0.25em; margin-right: 0px !important; margin-bottom: 0.75em; margin-left: 0px !important; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.3; font-family: inherit; vertical-align: baseline; width: inherit !important;\">&nbsp;<\/p>\n<p style=\"box-sizing: border-box; margin-top: 0.25em; margin-right: 0px !important; margin-bottom: 0.75em; margin-left: 0px !important; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.3; font-family: inherit; vertical-align: baseline; width: inherit !important;\">Italy is the eurozone\u2019s biggest vulnerability following the shock outcome of the UK vote to leave the EU, with bank stocks plunging by a third. Concerns are building before the outcome of bank stress test results due this month and a constitutional referendum in Italy in early October, on which Mr Renzi has wagered his job. Citi has described the referendum as \u201cprobably the single biggest risk on the European political landscape this year outside the UK\u201d.<\/p>\n<p style=\"box-sizing: border-box; margin-top: 0.25em; margin-right: 0px !important; margin-bottom: 0.75em; margin-left: 0px !important; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.3; font-family: inherit; vertical-align: baseline; width: inherit !important;\">&nbsp;<\/p>\n<p style=\"box-sizing: border-box; margin-top: 0.25em; margin-right: 0px !important; margin-bottom: 0.75em; margin-left: 0px !important; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.3; font-family: inherit; vertical-align: baseline; width: inherit !important;\">After several of its ideas on intervention were rebuffed, Rome is considering whether to act alone.<em style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;\"><u style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;\"><strong style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;\">&nbsp;\u201cWe are willing to do whatever is necessary [to defend the banks], and do not rule out acting unilaterally, although that would only be as a last resort,\u201d<\/strong><\/u><\/em>&nbsp;said one person familiar with the government\u2019s thinking. European officials fear any Italian intervention would carry high risks, opening a battle over illegal state support that would put off private investors.<\/p>\n<p style=\"box-sizing: border-box; margin-top: 0.25em; margin-right: 0px !important; margin-bottom: 0.75em; margin-left: 0px !important; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.3; font-family: inherit; vertical-align: baseline; width: inherit !important;\">&nbsp;<\/p>\n<p style=\"box-sizing: border-box; margin-top: 0.25em; margin-right: 0px !important; margin-bottom: 0.75em; margin-left: 0px !important; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.3; font-family: inherit; vertical-align: baseline; width: inherit !important;\"><strong style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;\">Angela Merkel, German chancellor , last week rebuffed Italy\u2019s request for a suspension of state aid and bail-in rules in order to recapitalise its banks.<\/strong>&nbsp;Benoit Coeure, a senior European Central Bank official, has said any suspension of bail-in rules would spell the end of the banking union \u201cas we know it\u201d.<\/p>\n<p style=\"box-sizing: border-box; margin-top: 0.25em; margin-right: 0px !important; margin-bottom: 0.75em; margin-left: 0px !important; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.3; font-family: inherit; vertical-align: baseline; width: inherit !important;\">&nbsp;<\/p>\n<p style=\"box-sizing: border-box; margin-top: 0.25em; margin-right: 0px !important; margin-bottom: 0.75em; margin-left: 0px !important; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.3; font-family: inherit; vertical-align: baseline; width: inherit !important;\"><u style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;\"><strong style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;\">Mr Renzi has bristled at suggestions he is ignoring rules, saying he will not be \u201clectured by the school teacher\u201d.<\/strong><\/u><\/p>\n<p style=\"box-sizing: border-box; margin-top: 0.25em; margin-right: 0px !important; margin-bottom: 0.75em; margin-left: 0px !important; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.3; font-family: inherit; vertical-align: baseline; width: inherit !important;\">&nbsp;<\/p>\n<p style=\"box-sizing: border-box; margin-top: 0.25em; margin-right: 0px !important; margin-bottom: 0.75em; margin-left: 0px !important; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.3; font-family: inherit; vertical-align: baseline; width: inherit !important;\">&#8230;<\/p>\n<p style=\"box-sizing: border-box; margin-top: 0.25em; margin-right: 0px !important; margin-bottom: 0.75em; margin-left: 0px !important; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.3; font-family: inherit; vertical-align: baseline; width: inherit !important;\">&nbsp;<\/p>\n<p style=\"box-sizing: border-box; margin-top: 0.25em; margin-right: 0px !important; margin-bottom: 0.75em; margin-left: 0px !important; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.3; font-family: inherit; vertical-align: baseline; width: inherit !important;\"><strong style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;\">Italy\u2019s business lobby, Confindustria, on Friday warned of \u201cpolitical chaos\u201d should Mr Renzi lose October\u2019s referendum.<\/strong>&nbsp;Under such a scenario, Italy would re-enter recession, spreads on Italian debt would widen and there would be capital flight from Italy, Confindustria argued. Italian gross domestic product would fall 0.7 per cent in 2017 and drop a further 1.2 per cent in 2018, it added.<\/p>\n<p style=\"box-sizing: border-box; margin: 0.25em 0px 0.75em; padding: 0px; border: 0px; font-stretch: inherit; line-height: 1.3; vertical-align: baseline;\"><u style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;\"><strong style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;\">So to summarize,&nbsp;<\/strong><\/u>The EU&#8217;s &#8220;bail-in&#8221; banking system failure regime has been entirely dismissed (as Italy proves that when it gets serious, it&#8217;s about national rescue, not &#8216;union&#8217; rules). However, as we warned previously, the real threat is if the local population wakes up to the risk of holding their savings in a financial system that is now teetering on the edge, something<a href=\"http:\/\/www.zerohedge.com\/news\/2016-06-30\/european-commission-grants-italy-crisis-%E2%82%AC150bn-bank-bailout-program-prevent-run-depo\" style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.2; font-family: inherit; vertical-align: baseline; word-wrap: break-word; color: rgb(30, 67, 154);\">Renzi himself admitted&nbsp;<\/a>when he said that he &#8220;<strong style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;\">hoped to use a liquidity backstop to contain investor panic, which could result in a run on deposits and affect banks\u2019 liquidity.<\/strong>&#8221; Because even if it buys up every bond, loan and stock in the world, the ECB will not be able to fix the public&#8217;s loss of trust in fractional reserve banking.<\/p>\n<p data-mediaconductor-processed=\"true\" style=\"box-sizing: border-box; margin: 0.25em 0px 0.75em; padding: 0px; border: 0px; font-stretch: inherit; line-height: 1.3; vertical-align: baseline;\">Finally, if you haven&#8217;t already had enough enough of European bullshit, here is the<strong style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;\">&nbsp;massive divergence between Italy&#8217;s banking system (red) and its sovereign bonds (green)<\/strong>&nbsp;which are remarkably &#8211; due to Mario Draghi&#8217;s plans &#8211;<strong style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;\">&nbsp;as interconnected as they have ever been in history as banks bought bonds to front-run ECB bazookas&#8230;<\/strong><\/p>\n<p data-mediaconductor-processed=\"true\" style=\"box-sizing: border-box; margin: 0.25em 0px 0.75em; padding: 0px; border: 0px; font-stretch: inherit; line-height: 1.3; vertical-align: baseline;\"><strong style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;\"><br \/>\n<\/strong><\/p>\n<p data-mediaconductor-processed=\"true\" style=\"box-sizing: border-box; margin: 0.25em 0px 0.75em; padding: 0px; border: 0px; font-stretch: inherit; line-height: 1.3; vertical-align: baseline;\"><strong style=\"box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;\">Source :&nbsp;<a href=\"http:\/\/www.zerohedge.com\/news\/2016-07-03\/we-wont-be-lectured-italys-renzi-defy-brussels-over-banking-bailout\">link<\/a><\/strong><span style=\"line-height: 1.3;\">[\/expander_maker]<\/span><\/p>\n<p><a href=\"http:\/\/bestinsurance.gr\/a1\/wp-content\/uploads\/2016\/07\/20160703_italy_0.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/bestinsurance.gr\/a1\/wp-content\/uploads\/2016\/07\/20160703_italy_0.jpg\" alt=\"\" class=\"wp-image-9218 alignnone size-full\" width=\"600\" height=\"314\" srcset=\"https:\/\/bestinsurance.gr\/a1\/wp-content\/uploads\/2016\/07\/20160703_italy_0.jpg 600w, https:\/\/bestinsurance.gr\/a1\/wp-content\/uploads\/2016\/07\/20160703_italy_0-300x157.jpg 300w, https:\/\/bestinsurance.gr\/a1\/wp-content\/uploads\/2016\/07\/20160703_italy_0-260x136.jpg 260w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<div data-animation=\"no-animation\" data-icons-animation=\"no-animation\" data-overlay=\"\" data-change-size=\"\" data-button-size=\"0.7\" style=\"font-size:0.7em!important;display:none;\" class=\"supsystic-social-sharing supsystic-social-sharing-package-flat supsystic-social-sharing-content supsystic-social-sharing-content-align-left\" data-text=\"\"><a data-networks=\"[]\" class=\"social-sharing-button sharer-flat sharer-flat-1 counter-arrowed facebook\" target=\"_blank\" title=\"Facebook\" href=\"http:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fbestinsurance.gr%2Fa1%2Farchives%2F9219\" data-main-href=\"http:\/\/www.facebook.com\/sharer.php?u={url}\" data-nid=\"1\" data-name=\"\" data-pid=\"1\" data-post-id=\"9219\" data-url=\"https:\/\/bestinsurance.gr\/a1\/wp-admin\/admin-ajax.php\" rel=\"nofollow\" data-mailto=\"\"><i class=\"fa-ssbs fa-ssbs-fw fa-ssbs-facebook\"><\/i><div class=\"counter-wrap arrowed\"><span class=\"counter\">0<\/span><\/div><\/a><a data-networks=\"[]\" class=\"social-sharing-button sharer-flat sharer-flat-1 counter-arrowed twitter\" target=\"_blank\" title=\"Twitter\" href=\"https:\/\/twitter.com\/share?url=https%3A%2F%2Fbestinsurance.gr%2Fa1%2Farchives%2F9219&text=%26%238220%3BWe+Won%26%238217%3Bt+Be+Lectured%26%238221%3B+%26%238211%3B+Italy%26%238217%3Bs+Renzi+To+Defy+Brussels+Over+Banking+Bailout\" data-main-href=\"https:\/\/twitter.com\/share?url={url}&text={title}\" data-nid=\"2\" data-name=\"\" data-pid=\"1\" data-post-id=\"9219\" data-url=\"https:\/\/bestinsurance.gr\/a1\/wp-admin\/admin-ajax.php\" rel=\"nofollow\" data-mailto=\"\"><i class=\"fa-ssbs fa-ssbs-fw fa-ssbs-twitter\"><\/i><div class=\"counter-wrap arrowed\"><span class=\"counter\">0<\/span><\/div><\/a><\/div><p>&#8220;We Won&#8217;t Be Lectured&#8221; &#8211; Italy&#8217;s Renzi To Defy Brussels Over Banking Bailout.With all eyes distratcted by the post-Brexit euphoria, the last week has seen a&nbsp;far more existential crisis accelerating in Europe. Italy&#8217;s banking system is in tatters (from a&nbsp;EUR40bn bailout 6 days ago, to&nbsp;EUR150 emergency support 3 days ago, to a bank bailout andchatter<\/p>\n","protected":false},"author":1,"featured_media":9218,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-9219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/posts\/9219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/comments?post=9219"}],"version-history":[{"count":1,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/posts\/9219\/revisions"}],"predecessor-version":[{"id":9220,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/posts\/9219\/revisions\/9220"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/media\/9218"}],"wp:attachment":[{"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/media?parent=9219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/categories?post=9219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/tags?post=9219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}