armstrongeconomics.com / by Martin Armstrong / October 27, 2014
Monte dei Paschi shares were suspended twice throughout today. At one stage down 22% currently trading down 18%. Peripheral bond markets behaving themselves only Italian BTP’s were wider by 7bp’s. The European banking crisis is still in full bloom. What the ECB will not admit is that the design of the Euro lacking a single debt required banks to keep reserves in “riskless” government debt of member states. To be politically correct, they spread it around.