Italy is threatening us with another time bomb. The country’s banks have 360 billion euros of doubtful loans and the EU (that is to say the sinister Eurogroup), as intelligent as ever, is pressuring for the bail-in rules, to which ultraliberal & co are so addicted, to be implemented by the book.
LONDON | The dramatic meltdown of confidence in the euro zone’s economic performance left the European fund industry suffering almost €70 billion in flows out of equity funds in 2011. Data colected by Morningstar European funds show that over €119 billion were extracted from long-term funds last year, and although money market funds still saw strong inflows in December, with €4.4 billion, flows to short-term funds were negative for the last…