The European Central Bank should have explained more clearly why it nearly doubled its estimated capital shortfall for the ailing Monte dei Paschi di Siena bank, which is being bailed out by the state, Italy’s economy minister said. In unusually critical comments, Pier Carlo Padoan said in a newspaper interview the ECB’s new capital target was the result of a “very rigid stance”. Source Reuters
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George Soros, the billionaire who earned fame by betting against the pound in 1992, said Britain was approaching a tipping point that would see the economy slow to such an extent that Brexit might even be reversed. Source Reuters
Germany’s Thyssenkrupp (TKAG.DE) said it planned cost cuts worth at least 100 million euros ($112 million) to meet financial targets at its troubled unit that engineers industrial plants and builds ships, despite early signs of improvement. Source Reuters
The migration policies of the political and other elites of Europe suggest that they are suicidal. The interesting thing to watch in the years ahead will be whether the publics join them in that pact. I wouldn’t bet on it. Source The Wall Street Journal