by Mike ‘Mish’ Shedlock
Italian bank shares are down 56% this year.
Monte dei Paschi is the poster child of bad performance hitting record lows after the ECB told the bank to shed more assets.
The Financial Times reports Bad-Debt Warning Triggers Fresh Fears for Italian Banks.
The world’s oldest bank, which has been cleaned up twice by Italian authorities, has been told by the European Central Bank it needs to shed another €10bn in bad loans, sparking fresh worries over the health of the troubled Italian banking sector.