Run on Italy’s Third Largest Bank? Capital Controls or Bail-Ins Next? Why Take Chances?
by Mike “Mish” Shedlock
MISH’S Global Economic Trend Analysis
Italian Bank Customers Pull Deposits
The CEO of Monte dei Paschi, Italy’s third largest bank, and the oldest surviving bank in the world, admits Customers Pulling Deposits as share prices sink.
Some Monte dei Paschi customers have been pulling savings out of the Italian bank, its chief executive said on Wednesday, as it faces a crisis over a mountain of bad loans that has wiped nearly 60 percent off its market value this year.
CEO Fabrizio Viola did not say how much money savers had withdrawn, or when the outflow began, though he said the fall in deposits was “limited” and that the bank could cope with it as he sought to reassure customers and investors.
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Source: http://financialsurvivalnetwork.com/2016/01/run-on-italys-third-largest-bank-capital-controls-or-bail-ins-next-why-take-chances/?utm_source=rss&utm_medium=rss&utm_campaign=run-on-italys-third-largest-bank-capital-controls-or-bail-ins-next-why-tak
