Italy presents the European Union’s new bank-rescue rules with their first big test

ANOTHER blow to national pride: on January 13th DBRS, a Canadian rating agency, downgraded Italy’s sovereign debt, stripping the country of its last A rating. Government bond-yields rose; so will the cost of funding for Italian banks. Erik Nielsen, chief economist of UniCredit, Italy’s biggest lender, calls the extra €5bn ($5.3bn) or so banks will have to put up as collateral for their loans from the European Central Bank (ECB) “immaterial”. Still, it is a burden they could do...

What feeling does this article give you?
Joy
Disgust
Fear
Anger
Sadness

#hashtags to follow:

DBRS [+]    Italy [+]    Nielsen [+]    UniCredit [+]    European Central Bank [+]    ECB [+]   

More #news: