Déjà vu Mps: now controls the Treasury – ilgiornaleditalia

the One that characterized the thriller, Monte dei Paschi is revealed to be a film from the final discounted. No shot of the scene but an epilogue that he knows of ancient history, repeatedly announced in recent months by this newspaper. No suspense worthy of note, and a flashback that reminded scenarios passed and the first series of a comedy in the Italian style. The government launched the decree "save the savings" by creating a fund from 20 billion for all credit institutions in difficulty, saving Mps and protecting, apparently, the retail customers. And this is the only happy note of a view history and magazine. That ended last night after the recapitalization of 5 billion sought to market by the management of siena is failed, view the flight from red bank put in place from the alleged foreign investors interested in each other (starting from the sovereign wealth fund of Doha). The Board of directors of the tuscan group, which at that point, considering the failure of the bankruptcy of the maneuver, not able to ask for help to the State. The true still of the rescue of the Rocca Salimbeni. And so the executive, who in recent days has received from the Parliament the go-ahead to a greater expense up to 20 billion euro (which may have an impact on the ballast called the public debt), has decided to intervene with an increase in precautionary support of the third institute in the Country.

in order not To repeat the gross errors committed in the past, Palazzo Chigi has decided, however, to protect the interests of savers. But with the entry of the State in the share capital of Mps being penalised this time will be the shareholders (which will dilute their capital), and institutional investors holding subordinated bonds. That will be converted into shares at 75% of their value.

he Smiles Siena. Enjoys the left. The stronghold was first the Pci and then the Pds (now very close to the Pd) is save. Rejoice the vertices that from this "game" they, however, defeated. Because, once again, the Monte dei Paschi has been shown to not be able to walk with their legs. But only through the "crutch" of government. And now with the public shareholder there will still be more time to define the industrial plan also aimed to make a balance sheet with the sale of billions and billions of suffering banking.

in the next few months you will be able to understand the way in which the Treasury (already a shareholder with the 4%) will manage its participation in the Mps and if there will be an agreement with Brussels for the progressive divestment of the majority stake. Scenario that will materialize only if the bank will regain the path of profitability and growth. Up to that moment, you will need to change the name to the institute. From Monte dei Paschi di Siena Monte dei Paschi in the State. With the Treasury, which will have full control of red bank. For an epilogue assume that the other is not a déjà vu.

M. Z.