creation of a regional champion
GACS, ATLAS, the EC and the ECB: some light notes on the political economy of Italian NPLs
Jonathan Algar

[via @jeuasommenulle] Creating regional champions is nice, but the true objective is to avoid bail-in. If the capital raises fail, bail-in is inevitable. I’ve talked to well-connected people in Italian politics and they all say the same thing: if these banks are bailed in, Renzi’s government falls the next day.