Sven Giegold
Mitglied der Grünen/EFA-Fraktion im Europaparlament

Sprecher Europagruppe Grüne

Italy

New Banking Subsidies in Italy: Circumvention of EU Law is a dangerous precedent

Last night, the European Commission approved new subsidies for Banca Populare di Vicenza and Veneto Banca. The support comes in the form of 4.8 billion euros of cash plus 12 billion of state guarantees to protect senior creditors and depositors from losses. After the Commission rejected a so-called „precautionary bank recapitalization“ favoured by the Italian […]

Background information on possible state aid for Italy’s banks

Since the Brexit vote, Italian banks’ shares have slumped dramatically: Italy’s third-biggest bank Monte dei Paschi di Siena has lost half its value. In response, big banks and the Italian government are suggesting to recapitalize the weakest banks with public money. But recapitalization has a price: under EU rules, bank bonds have to be written off […]