Alberto Gallo News
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Spanish politicians trying to cushion the blows of austerity plan to seize foreclosed homes to house the needy, discouraging foreign investment and threatening to violate terms of the European bailout of the country’s banks.
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Slovenia, the first former Communist nation in the euro zone, is facing a typically capitalist dilemma: whether to protect creditors of big banks.
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Spanish mortgage loans are starting to show the “first cracks” in their quality, said Alberto Gallo, head of European macro credit research at Royal Bank of Scotland Group Plc.
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On the same day Cyprus’s parliament rejected a European Union bailout involving a tax on deposits, political leaders in the region reached a deal bringing the euro zone one step closer to a banking union.
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Spain, which for years underestimated losses at its banks, is poised to overestimate how much they can earn in an economy mired in recession.
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Banca Monte dei Paschi di Siena SpA, Italy’s third biggest bank, reported a third straight quarterly loss, missing analysts estimates, on soaring bad-loan provisions and lower income from lending.
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The Fondazione Monte dei Paschi di Siena has its headquarters in the baroque Palazzo Sansedoni overlooking the Italian city’s main square. It was there, one day in November, that Chairman Gabriello Mancini delivered the bad news: The foundation, which for 15 years had supported the districts that compete in the renowned Palio horse races, could no longer pay for the spectacle’s colorful medieval costumes.
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An accelerating flight of deposits from banks in four European countries is jeopardizing the renewal of economic growth and undermining a main tenet of the common currency: an integrated financial system.
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European banks pledged last year to cut more than $1.2 trillion of assets to help them weather the sovereign-debt crisis. Since then they’ve grown only fatter.
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Italy’s inconclusive election triggered renewed market convulsions over Europe’s debt crisis as recession-scarred voters repudiated budget rigor and established former comedian Beppe Grillo as a political force.
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