"Well Italy is certainly doing the business for Europe and the Euro today as I suspected it might.
Italy's other huge bank Intesa Sanpaolo just dropped 6% of it share price before trading in its shares was halted. All the European bourses are way, way down. French and German exchanges are down 2%+ while Spain and Italy are down 3% and 3.24 % respectively as of 14.16 GMT.
And the Euro is plunging against the Swiss franc again. UniCredit's East European business is hurting now. I wonder how much is pure CDS speculation and shorting and how much is capital flight. It's bound to be both but I wonder which is leading which?
One thing's for sure Greece and Italy are going to make a lovely pair.
Remember the other nation (other than Italy) whose banks have exposure to banking in Hungary and the region is...yep you guessed it, Greece. So as those currencies in Hungary Romania and Bulgaria fall against the rampant Swiss Euro, the Italian and Greek banks will feel the defaults. Two thirds of the outstanding debt in Hungary, Romania and Bulgaria is in Swiss Francs."
Senator David Norris' address to Seanad Eireann (the Irish Senate)
In Sept. 2007, fourteen months before Ireland's bank bailout, I resigned from my position as the Risk Manager of UniCredit Bank Ireland. I did that in order not to incriminate myself. I have spent the last 4 years seeking justice. On Feb. 23rd., 2010, I was fortunate to have Senator David Norris raise the matter in Seanad Eireann (the Irish Senate), and request a response from the Minister of Finance, Mr. Brian Lenihan. Senator Norris concluded by stating that:VRT, Belgian state-TV, aired this interview with me on March 6th., 2013. My Interview begins in minute 27:
"...there is ministerial responsibility in this matter. This is a grossly serious matter which has been reported to the Financial Regulator. A man has lost his job as a result. He honourably resigned. The degree of breach was 40 times the accepted margin. This is a disaster. If we are not prepared to face the issue and investigate it when it has been laid before the House, there is absolutely no hope for the financial system or its reputation worldwide...How can the Financial Regulator investigate himself? He was in breach of his responsibility."In Nov. 2011, Emma Alberici, Europe correspondent for ABC TV, told my story as part of her documentary 'Going Rogue' which featured Nick Leeson and Sir John Vickers among other interviewees. It is ironic that at a time when the Irish tax-payer is bailing out un-secured bond holders, my story which occurred in Dublin, is deemed of interest to the Australian TV license payer. Please click on 'play video' on the following link:
Het verdriet van Europa: Zeepbellen blazen (The sadness of Europe: Bursting bubbles)
VRT, Belgian state-TV, released extra footage of my interview on March 8th., 2013. (in English):