I guess having 10% of their population protesting on the streets day after day finally gave them the hint that while there are a lot of issues at home the people don't deserve to pay for them with such savage austerity and a flat economy to protect other nations.
I have a little sympathy for banks though, many were required to invest in Greek debt.
Italy seem to be in bad shape at the moment, before long Silvio may have to stop trying to score with teenagers and actually take some action - what's happening puts in sharp focus how dependent on the EU backstopping their economy Italy have been.
Quote:
ROME -(Dow Jones)- Italy's Unicredit SpA (UCG.MI) led declines on the Milan bourse, with the bank's shares down as much as 6.8% in early trading Tuesday.
All of the shares on the blue-chip FTSE-Mib index were down and the index was down 3.1% on a day when Italy's sovereign debt woes increased after the Greek government announced a referendum on its austerity plans.
Inteas Sanpaolo SpA (ISP.MI) shares fell 6.8%, while other financial sector companies suffered similar drops.
Banca Monte dei Paschi di Siena SpA (BMPS.MI) fell 4.9%, while Fiat SpA (F.MI) led declines in the industrial sector as its shares fell 5.3%.
Yields on Italy's 10-year government bonds hit a euro-era high in terms of their differential over equivalent German bunds. The gap was 422 basis points, or 4.22 percentage points, before share trading began. It later rose to 434 basis points.
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