Supervertice reserved to the ministry of Economy on the Italian banking system. Pier Carlo Padoan has called for tomorrow morning, a meeting with the governor of the Bank of Italy Ignazio Visco, with the top management of Unicredit, Intesa, and Ubi, with the representatives of Acri, the Italian banking association and of the Bottom of the Atlas. The meeting, according to financial sources, will serve as a moment of reflection on the crisis of the banking system.
Meanwhile, the Bags tomorrow may a “black Monday”, if in the next few hours there will be a clearing on the maxi-fine of from $ 14 billion assumed by the authorities in the Usa for Deutsche Bank, which now weigh on the new judicial initiatives including the Italian one. It’s the fear that creeps in financial circles a few hours before the reopening of the markets, while in Germany the policy assumes that the “economic war” waged by the Usa against Berlin after the offensive of the european Apple.
If Deutsche Bank is unable to reach an agreement with the u.s. department of Justice, will be “black Monday,” warns Pedro Texeira from the top of the hedge fund new york Life Management. Words are far from disinterested: the flight of hedge funds from Deutsche Bank and their ‘short-selling’, the bearish bets on the Stock market value, have contributed to the initial drop of 9% last Friday, and some hedge funds are placing the institute in facing difficulty, critical, of the collateral to the derivatives.
But that statements of this kind may give rise to an effect ‘snow ball’, with a new flight on the markets, is the assumption shared by many: both in Frankfurt, where the monitoring of the situation keeps on the alert, the Ecb and the Bundesbank. Both in New York, where it is very clear that if a giant like Deutsche Bank gets out of hand got out is a risk to global financial stability.
Deutsche Bank reassures, “we are in 215 billion euro of liquidity”. There is concern (the actions are to the lowest level since the ’80s) for its 985 billion euros of financial assets of which eur 28.8 billion in ‘level 3′, with assessment of the dubious and illiquid instruments.
But we all know that the real issue today is political. And’ common opinion that the hypothesis of a 14 billion dollar fine for the wrongdoings of the German bank in the crisis of ‘subprime’ is disproportionate, in the light of the sanctions to other institutions, both american and european. And it is not a coincidence that on Friday, from a fall of about 9%, Deutsche Bank has passed to well earn 6.4% in closing after rumors of an agreement with the Us that would cut the value of that sanction to ‘just’ $ 5.4 billion.
The voice took to circulate shortly after the phone call Obama-Merkel. A detail that gives a strong political connotation to the story. The reasoning is: it is not suitable to anyone to destabilise the markets with a fine that would be unsustainable for the financial statements of the Deutsche Bank, which is already under pressure in and of itself. Likely that the policy of stores, a sanction is significant, but bearable. Both Washington and Berlin are silent. But as well as for Merkel, the issue risks becoming an unbearable thorn in the side, raise the pressure in the press, the top managers of five industrial giants – Basf, Daimler, Siemens, Eon and Rwe: “German industry needs a Deutsche Bank, which accompany us in the world”.
And policy sets fire to the powder: Peter Ramsauer, chairman of the Economy commission of the Bundestag, said to the press that the move to Washington, “has the characteristics of a war economy”: Markus Feber (Csu) says it is a response “tit for tat” to the allegations in european Apple.
No comments:
Post a Comment