Summer is raging, and Ferragosto is closing in on us. Italians are struggling with the holidays, the news is distracting to something else. But for international press it’s sensational own purpose The Palazzo Chigi on the banks is an open case. That between announcements and warnings, spreads and denials is well photographed by newspapers around the world as a revealing litmus test. a confused and unreliable coalition. Indecisiveness in everything.
Newspapers USA, Germany, France and Spain continue to update – also for the use of investors and shareholders abroad – what happens to the Italian banking system with the start of the sovereign economic era. But the British media is, if possible, even more ruthless. Reuters offers its subscribers worldwide a daily newsletter from the front of Via XX Settembre.
“The initial surprise move undermined investor confidence in Italy and exposed flaws in the government’s communications strategy,” refusal economic analysts of a prestigious agency. Who asks questions to the interested party. Yesterday Suvi Platerink Kosonena senior financial strategist at the Dutch giant ING, who was not stingy with words: “We view the fiscal collapse as bad credit for Italian banks, as a reflection of growing political risks in Italy,” he said.
And again yesterday the London financial newspaper Financial Times he hit hard: Under the headline “Big investors attack Italy’s surprise tax on banks”, he mentioned “Anxiety about the collection and poor communication from Georgia Prime Minister Meloni”. Even the FT has given the floor to some of the protagonists caught off guard: “Tragic politics,” says David Herro, chief investment officer of American investment manager Harris Associates, the sixth largest shareholder of Intesa Sanpaolo, Italy’s largest bank. “For years, banks have struggled in a low interest rate environment. No one asked and should not have asked for subsidies,” he added. “Now that we finally have a normal life, the Italian government is confiscating the profits.” The use of the terms is not accidental, and this declaration of government forfeiture of profits bounces off every chat and social media site in the City.
What’s going on in Rome? They ask themselves. Try replying to Oliver Collin, co-head of European Equity at Invesco, one of the top 20 shareholders of UniCredit, the nation’s second-biggest bank: “The collection is what the finance minister Giancarlo Giorgetti previously ruled out reflects a combination of lack of clarity and a complete political turnaround.” Jérôme Legras, managing partner of Axiom Alternative Investments, holding shares in Italian banks, including UniCredit and Intesa Sanpaolo: “Politicians have not handled this very well. It’s all a bit of a mess. The numbers were unclear, they took everyone by surprise in the middle of the summer and it was a strange way to announce it.” Politico.com, an American newspaper with a close eye on Europe, is instructing Hannah Roberts and Ben Munster to report on what they call a “raid” against the banking system in a timely manner. They take it directly to the two leaders of the coalition, Meloni and Salvini. After three days of financial analysis, they turn into an article with colorful notes: “Two leaders met for steak and chianti in Tuscany. But their decision to tax the banks was a fiasco.”
In Spain, all the newspapers write that there was a European precedent for tax confiscation, and it is in Madrid, with Sanchez government. The editorial of the week, released with the supplement 5 Dias (5 days) El Pais, is dedicated to this in particular. “The government of Georgia Meloni, which at first surprised both Italians and foreigners with its prudence and unexpected orthodoxy in matters of economic policy, seems to be busy these days not to leave a single puddle Tranquility.”
In France, echoes of the ugly fall of the Palazzo Chigi find their place in the inside pages of Le Monde and Le Figaro, Libération, and, with an unexpectedly serious tone, also in the Catholic newspaper La Croix. The news channel Tv5 dedicates a special issue, which talks about the “image of Italy, tarnished by taxes on bank profits.” The names of the two blocks into which the service is divided will be enough to understand where it is headed: “Climate of confusion” and “Soviet measures” are Scylla and Charybdis, in which the Meloni government is guided. “So many enemies, so much honor,” they said in Italy of the past. History has taught us that this is not entirely true.
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