"The Ecb and european Commission need to check and make sure that the Italian authorities comply with the european rules". The request, which clearly refers to public intervention on the Monte dei Paschi di Siena in these hours to the screening community, comes directly from the German ministry of Finance. The ministry of Wolfgang Schäuble, refer to Bloomberg and Reuters, commented in a note to the plan Salvarisparmio launched by the government Gentiloni, explaining that the recapitalisation measure of the banks through the intervention of the State can contribute to the solution of the problems "only in exceptional circumstances" and "within the framework of stringent rules" that "must not be evaded". And that require preconditions strict, such as the fact that shareholders and creditors are the first to suffer losses. "The bank must also be solvent, and the state funds must not be used to cover losses in the financial statements," notes the German ministry, pointing out that "there must be no circumvention of the rules" and that "shareholders and subordinated creditors should be the first to be called in due to" to cope with the loss.
An unambiguous message that follows and elaborates on the statements issued Tuesday by the number one of the Bundesbank to the newspaper Bild. And arriving in a few hours by a very hard editorial of the Frankfurter Allgemeine Zeitung the signature of Tobias Piller, the corresponding statement from the Peninsula in the daily life of Frankfurt, the city headquarters of the European Central Bank. "Those who give in to too many temptations in the end pay dear", is the central point of the comment. That refers to the risk, according to the newspaper, the underlying State aid: what of those who is relief there is the temptation to "continue to operate as it has done so far." That is, it reads, "use carefree the deposits of the customers, the loans of those who have bought its bonds and the share capital of the shareholders". A behavior that, pointed the finger at the columnist, has resulted in the accumula tion of about 28 billion of non-recoverable, and of which the bank must now get rid of penalty-suffocation already in progress. This is what happens "when the manager count on the fact that the State will pay the bill," says Piller.
Now, however, "Italian politicians are afraid of the apply the new rules" european on the bank bailouts, the bail, according to which in the event of a crisis they have to pay shareholders and bondholders senior. This is because, as is well known, "not only professional investors, but also 40 thousand small savers they will suffer losses". Looming so the "wrath" of the italians, and, says the correspondent of the Faz, "is certainly easier to knock at the purse". Sin, in this way, indeed, for Mps to remain unchanged, the temptation to continue as before". And the shortcut was endorsed by government Customers – Frankfurt and Brussels permitting – it will also "other banks Italian affected by the crisis, do not be shy in asking the generous support of the public. Covered "only through theissuance of new debt" by a Country that debt is already ball asted. And by calling so the taxpayers have to pay for the malagestione.
"The european guarantees represented by the fund Save States Esm and by the program of purchase of government securities in the Ecb mean that the government will not face problems in raising a little' the level of debt, since this does not translate into negative reactions in financial markets". In short: the temptation is there, and apparently, in the short term, there are negative consequences in view. But the final bill, which sooner or later will come, reiterates Piller, and will be salted.
