ML-Implode News - Mamma Mia: Italian Banks on Verge of Collapsing Entire Eurozone Financial System

The Italian banking sector has about 360 billion euros of "bad" shares, which is about 20% of the total loan portfolio. About 200 billion euros of those are "irretrievably bad," said Dobrov. The course of shares of Italian banks has fallen by more than half since the beginning of the year, and this aggravates the situation even more.
... The oldest Italian bank, Monte dei Paschi di Siena, is on the verge of bankruptcy, the expert said. The absolute amount of the bank's "bad" loans amounted to 47 billion euros, which is more than 40% of the loan portfolio. Monte dei Paschi di Siena is not an isolated case; there are dozens of such financial institutions in Italy.
... German and French bankers are supporting Renzi: the government must participate inÂ rescuing the bank. According toÂ a leading economist atÂ Deutsche Bank, help inÂ the amount ofÂ 150 billion euros fromÂ the European Central Bank could saveÂ the situation. It would plug the holes inÂ the European banking system, especially inÂ Italy... [But] this action would allow the attraction of public funds as an exceptional measure, though in violation of EU banking rules.

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Mamma Mia: Italian Banks on Verge of Collapsing Entire Eurozone Financial System