- Italy Vote is ‘Harbinger’ of Doom: Deutsche Bank Boss Warns of MORE Turbulence After No Vote
by LANA CLEMENTS, http://www.express.co.uk/
DEUTSCHE Bank’s chief executive warned staff of more eurozone turmoil after Italian Prime Minister Matteo Renzi’s resignation over a referendum on constitutional reform.
Europe’s economy is at risk of more mayhem in the aftermath of the key vote in Italy, John Cryan told employees at the troubled German bank. He said: “The result of the constitutional referendum in Italy is a harbinger of renewed turbulence that could spill over from the political arena to the economy – with Europe particular endangered.”
Italy’s banks have been at the forefront of financial concerns for the EU following the outcome of the Italian vote. And experts say the panic could spread to some of Europe’s biggest banks, such as Deutsche. The lender has had a difficult year, which has seen it lose around 40 per cent of its value. Ahead of the Italian referendum markets again questioned whether the German government would step in and save Deutsche, should it need help.
Similar worries surfaced earlier this year, after comments from Angela Merkel confirmed she would not approve a state-backed rescue of banks.