Banks and borders

After bailing out two Venetian banks to the tune of €17 billion recently now another €5.4 billion has been thrown at the oldest bank in the world, Monte dei Paschi di Sienna. As part of the deal it will close 600 of its 2000 branches, make 5500 staff redundant, and sell €28.6 billion in bad debt.

Adding to the country’s problems is the surging tide of migrants sailing over from North Africa. This week Austrian defence Minister Hans Peter Doskozil told Kronen Zeitung news that troops will be deployed at the Brenner Pass with four armoured personnel carriers, another 750 troops on standby in the Tyrol region. Adding, ‘I expect very promptly that border controls will have to be activated and assistance requested’. The Austrian ambassador to Italy has been summoned to Rome.

To continue reading, subscribe today

and enjoy unlimited access to the following:

  • Tips of the Week
  • Funds coverage
  • Weekly features on big investment themes
  • Trading ideas
  • Comprehensive companies coverage
  • Economic analysis
Subscribe
Subscribe to Investors Chronicle

Related topics