Italian FinMin Grilli On Monte Paschi: Bank Is Solid; Aid Is Not Bailout
January 29, 2013 - 9:17am
Following his impromptu discussion early this morning with Mario Draghi, Italy's finance minister has proudly stepped before the cameras to discuss the farce that has become Monte Paschi. In a stream of seemingly incredulous hypocrisy, the minister explains that: *GRILLI SAYS MONTE PASCHI IS SOLID *MONTI BOND HELPED MONTE PASCHI MEET EBA RULES: GRILLI *GRILLI SAYS OVERSIGHT OF MONTE PASCHI WAS CONTINUOUS, THOROUGH *GRILLI SAYS GOVT AID TO PASCHI NOT TO HELP AN INSOLVENT BANK *GRILLI SAYS ITALY BANKING SYSTEM UNIQUE FOR NO BAILOUTS Indeed, it seems that Juncker-ism has leaked across to all the ministers as a new realm of reality strikes the Italian banking system. So the 'bank is solid', 'aid is not a bailout', and 'water is not wet'.
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