STEP 1-Greece, Ghizzoni does not see risk contagion should not … – Reuters Italy

       

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MILAN, July 9 (Reuters) – The chief executive of Unicredit, Federico Ghizzoni, does not see a risk of contagion in the absence of agreement between Greece and creditors.

       

“If an agreement is reached, we should return to the situation one or two months ago. In the opposite case, however, we do not see a risk of contagion, perhaps there will be some ‘pressure on the spread, the euro and rate, “he said during a press briefing.

       

Ghizzoni denied that the bank is preparing the introduction of a new currency in Greece. In any case, he said, “trade [in Athens] are reduced to a minimum. We only have some German customers exposed. And with Greek banks, in fact, by the time you are not working”.

       

As for the results of the second quarter “we black out period, so I can not say anything. I can, however, say that we are at about 13.5 to 14 milirdi usage Tltro”.

       

To a question on economic growth, he said that “Italy is behind other countries [citing Spain, Germany and France], but there are signs of steady improvement. We see a trend [of GDP] positive in 2016 , closer to 1.5%. “

       

Italy, however, said the manager, “is divided into two and I believe that the crisis has widened the gap between North and South.” As for the South, according Ghizzoni, “should be carried out some specific policy. We need basically three things: safety, or rule of law, infrastructure targeted and a plan of tax. It must attract investments in the South, is crucial.”

       

The CEO of UniCredit confirmed its positive view of the new bankruptcy law and the tax deductibility within the year and reiterated that the introduction of a bad bank “for the system would be good news.”

       

Looking, however, to Europe, Ghizzoni has placed the emphasis on the positive credit in the Czech Republic. More …