European banks: Lingering malaise - 7IM

Oct 25, 2016, 12:32 PM

Banking crisis continues to raise its ugly head every now and then in some or the other part of Europe. Every time the officials have been successful in kicking the can down the road via bailouts, funding etc.

Chris Justham, Relationship Manager at Seven Investment Management talks about the Monte dei Paschi situation. The Italian lender is having a tough time off late, thus leading to speculation of another bail-out/bail-in effort. The stock rose as much as 26.5% on Tuesday after Italy's third-largest bank unveiled a turnaround plan under new chief executive Marco Morelli. The shares are now up 150% on weekly basis.

Justham sheds light on the latest rescue plan which involves 2600 jobs cuts and shut down of 500 branches. He also talks about the political situation in Italy and how that could affect the road ahead for Monte dei Paschi. Justham is joined by Tip TV’s Zak Mir.

#Monte dei Paschi, #Europe, #Banks, #crisis, #politics, #Renzi, #Beppe grillo, #bailout, #bail-in