Italian FinMin Grilli On Monte Paschi: Bank Is Solid; Aid Is Not Bailout

Tyler Durden's picture

Following his impromptu discussion early this morning with Mario Draghi, Italy's finance minister has proudly stepped before the cameras to discuss the farce that has become Monte Paschi. In a stream of seemingly incredulous hypocrisy, the minister explains that:

  • *GRILLI SAYS MONTE PASCHI IS SOLID
  • *MONTI BOND HELPED MONTE PASCHI MEET EBA RULES: GRILLI
  • *GRILLI SAYS OVERSIGHT OF MONTE PASCHI WAS CONTINUOUS, THOROUGH
  • *GRILLI SAYS GOVT AID TO PASCHI NOT TO HELP AN INSOLVENT BANK
  • *GRILLI SAYS ITALY BANKING SYSTEM UNIQUE FOR NO BAILOUTS

Indeed, it seems that Juncker-ism has leaked across to all the ministers as a new realm of reality strikes the Italian banking system. So the 'bank is solid', 'aid is not a bailout', and 'water is not wet'.