This worry…

“Shocking stock drop” by Yan Barcelo, CPA Magazine, March, 2016, p. 6:

The International Monetary Fund says Eurozone banks have seen their bad debts double since 2009, Zonebourse.com reports. But the problem is particularly acute in Italy, which experienced an 11% increase in 2015 alone.

The precariousness of the situation was brought to light when the European Central Bank asked two Italian banks, Monte dei Paschi di Siena and UniCredit, to fill in a questionnaire relating to their bad debts. This prompted a huge slide in the stocks of the entire Italian banking sector. The day after the request was made in early January, Monte dei Paschi di Siena’s stocks dropped by 14%.

From December 31, 2015 to January 20, 2016, banks accounted for five of the ten worst lows on the Milan stock exchange, with drops from 22.3% to 56.4%.

And, in terms of the relevance, if any, of International Financial Reporting Standards in relation to banks

And where Monte dei Paschi di Siena is the oldest surviving bank in the world, having been founded in 1472…

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About brucelarochelle

Practising Lawyer and Part-Time University Instructor (Accounting, Commercial Law, Organizational Behaviour); Part-Time Federal Tribunal Member. Non-practising Chartered Professional Accountant (Chartered Accountant and Certified Management Accountant).
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