As the painful and quite frankly embarrassing stumble out of Europe continues for the U.K., I watch with sadness at the pathetic lack of conviction of both the previous Remain and pro-Leave camps.
UBS Chief Executive Sergio Ermotti believes that the recent state bailout of Italian banks was unavoidable due to new rules on "bail-ins" from European authorities.
Italy has moved to save yet another failing bank, meaning taxpayers now stand responsible for over $25 billion of recent bailout money.
There are good prospects for the Italy, the third largest euro economy, despite being run by a caretaker government, CEO Generali told CNBC.
European bourses closed higher on Wednesday after Fed Chair Janet Yellen hinted at a possible rate hike next month.
Twenty billion euros earmarked by the Italian government will be enough to help recapitalize weak banks, the Bank of Italy governor said.
The large level of bad loans continues to be a drag on the European banking system and could spark new crises in the coming year.
Italians will eventually want to quit the euro area if their standard of living does not improve, he told German daily Tagesspiegel.
European bourses closed higher on the last trading day of 2016 after opening in the red.
Markets in Europe ended lower Thursday as the light Christmas trading period continues.
Italy’s interim Prime Minister Gentiloni said the recapitalization of Monte dei Paschi will be “long and complicated”.
European shares open mixed Wednesday as trading resumes after the Christmas break.
The Italian government is likely to have to put in around $6.79 billion to rescue Monte deiPaschi di Siena, sources said.
European stocks were flat in morning trade on Tuesday amid thin volumes during the holiday period in the region.
This is higher than the 5 billion euros estimated by the bank.
The dollar headed into the Christmas break on Friday just over half a percent off highs hit after this month's Fed meeting.
European markets closed around the flat line Friday as trading desks began to thin out in a shortened trading day for some major bourses.
Italy's government approved a state bailout in principle for Monte dei Paschi di Siena on Friday.
The government needs to secure funding in a way that will not harm individual Monte dei Paschi bond holders, says Shane Oliver at AMP Capital Investors.
The Italian government approved a decree on Friday to bail out Monte dei Paschi di Siena.