Bruselas autoriza a Renzi a dar liquidez a la banca italiana

THE WALL STREET JOURNAL.- The European Commission on Sunday authorized Italy to use government guarantees to provide liquidity support to its banks, a spokeswoman said, disclosing the first intervention by a European Union government into its banking system following the U.K. vote to leave the EU.

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Italian banks have lost more than half of their market capitalization since the beginning of the year, as investors fret about some EUR360 billion in bad loans still logged on their balance sheets. That drop in market value compares to an average decline of less than one third for European lenders.

Some Italian banks have seen their shares plummet by some 75% in the first half of the year.

A person familiar with the Italian government’s plans said the cabinet of Prime Minister Matteo Renzi hoped to use a liquidity backstop to contain investor panic, which could result in a run on deposit and affect banks’ liquidity.

The liquidity support provides a temporary cushion for Italian banks. But it doesn’t solve the broader issue of how to raise sufficient capital to sustain writedowns of loan portfolios gone bad.

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