Unicredit, Mps and the Palio of political nonsense
Because we hear too much nonsense about Unicredit and Mps. The italics of Michele Arnese, director of Start
Even for nonsense you should never exceed the modest amount.
But politicians of all colors – on the Unicredit offer so much advocated by the Treasury on Mps – have far exceeded the modest amount (at the bottom there is an – emblematic – excerpt from a today's article in the newspaper Repubblica ).
Nonsense and noises are false, because they don't remember a couple of quarrels.
The Ministry of Economy, which controls Monte dei Paschi di Siena, has committed with the European Commission to withdraw from the share capital by 2022 as envisaged by the agreement with Brussels when the Treasury saved MPS.
Government and parliament have provided tax discounts for banks that aggregate other banks.
The EBA stress tests outline nightmare scenarios on Mps' capital strength.
Mps management by the Treasury was not a success, as the financial journalist Fabio Pavesi explained .
Finally, formally, only one subject – the Apollo fund – said it was willing to evaluate the purchase of the entire Monte; Do politicians like the ownership of a foreign fund more than Unicredit?
Even the trade unions are more sensible than politicians on the MPS dossier: "No prejudice on Unicredit, however, the concept of stew needs to be clarified", said Lando Maria Sileoni, general secretary of Fabi, the most representative union of bankers.
Who then tears up their clothes – which is good and right, of course – for the disbursement of the State directly (through Mef) or indirectly (through the Amco del Tesoro or Mcc-Invitalia sgr) for not very succulent stews (between Npl and legal cases ) of Mps, remember that a system operation has already taken place with the three Venetian co-operative banks acquired at no cost and with robust state shock absorbers by Intesa Sanpaolo.
Okay there is an election campaign in Siena, but those who compete must not win the Palio delle shit.
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(Extract from an article in the newspaper Repubblica)
Rising of shields in the majority on the project for the sale of Monte dei Paschi di Siena to Unicredit. The right-wing front is particularly turbulent, from Forza Italia to the Lega, while the Democratic Party is also perplexed and calls the Economy Minister Daniele Franco to report to Parliament. The secretary of the Democratic Party Letta intervenes: "We will not accept punitive solutions" and the Nazarene asks to "agree with economic and social actors". Particularly harsh the Minister of Public Administration Renato Brunetta: «Was this the moment to make a proposal from Unicredit? Probably not, ”said the Forza Italia exponent. "Let the secret rooms of the boards open. If MPS has to get married or get engaged, it will be discussed in the country. And it is also discussed in the council of ministers ». Maurizio Gasparri (Forza Italia) and the Lega throw it more decisively into politics and seem to look above all at the campaign for the supplementary elections in Siena where the secretary of the Democratic Party, Enrico Letta, is a candidate. Gasparri points his finger at what he defines as "a monstrous conflict of interests Unicredit-Pd-Mps", referring to the story of Pier Carlo Padoan, first minister of the economy, then a parliamentarian of Siena and then president of Unicredit. The League, after Salvini had spoken of a "gift", yesterday with the regional councilor of Tuscany Marco Landi returned to the office by beating on the Siena-Pd ties. Five stars are also critical. "The sale of the public shares of Mps – they say – must protect competition by preventing a single bank, such as Unicredit, from gaining an advantage over all the others". The Democratic Party, with the leaders of the Senate and Chamber Serracchiani and Malpezzi, asks the Minister of the Economy to report to Parliament before the competent committees. Enrico Letta also takes the field and reassures about his Sienese candidacy: «I knew the risks. And the timing of the stress tests on MPS was known. All the more reason I chose to run because it is a question that has national, even international, implications and impact. Refusing would have meant deserting. I am confident that Draghi and the government will manage a delicate dossier with great authority ». Letta also returns to the merits of the story: «We will not accept punitive solutions towards the territory. We will ask to protect the work of thousands of people and their families, and to safeguard the unity and prestige of a historic brand. So, no stew ».
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ALL THE START-UP INSIGHTS ON THE UNICREDIT-MPS OPERATION:
How much will the bad bank of Mps cost to the State after the stew cooked by Unicredit
Here's how Eba and ECB will stress Mps
Unicredit will only eat Mps's succulent stews (with fiscal aid)
Unicredit and the pirouettes of Prezzemolino Orcel between Mps and Antonveneta
Orcel (Unicredit): Mps? Non-priority operation on July 14 (priority on July 29)
The Stock Exchange blesses the Unicredit banquet with Mps
All Unicredit plans (beyond Mps)
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/unicredit-mps-e-il-palio-delle-fesserie-politiche/ on Sun, 01 Aug 2021 09:13:20 +0000.