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Reply #61: Banks row hampers EU bid to halt credit freeze [View All]

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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-01-11 10:09 AM
Response to Reply #58
61. Banks row hampers EU bid to halt credit freeze

...The ministers had been due to sign off details of a 106-billion-euro (90.7 billion pound) plan to recapitalise banks, intended to revive confidence among nervous counterparts who have shunned EU lenders. But a backlash from countries like Italy, which can no longer borrow at affordable rates and would struggle to find the nearly 15 billion euros the EBA watchdog said it needed to help its banks, has raised doubts over the programme.

The head of the Italian markets authority Consob questioned the way the EBA (European Banking Authority) had worked out the banks' capital shortfall and said a drive to strengthen their finances risked exacerbating a credit squeeze.

Giuseppe Vegas told la Repubblica daily on Wednesday that Consob is in talks with the Bank of Italy to ask for a reassessment of these rules.

"In Italy there is a banking worry," Vegas said. "Money is not circulating anymore. The main risk is a spread of a credit crunch."...
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