After a year lost as we all awaited the result of Italy and Brussels arguing about what did and did not constitute state aid, everybody has now figured out the limited impact of the Treasury guarantee, and estimates are getting bigger of how much recapitalization the Italian banks are going to need. After Barclays’ initial estimate of 24Bn Euros estimates are now circulating that more than 50Bn will be needed. Possibly as a result of banks deciding there is little ...
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