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Italian Bank Scandal Spreads To Other Banks: Berlusconi Big Winner

As we warned last week when the BMPS fraud story broke, this is highly likely to be the canary in the Italian banking system coalmine; and sure enough today, Reuters reports that: ITALIAN PROSECUTORS INVESTIGATING MONTE PASCHI, BNL, UNICREDIT, INTESA SAN PAOLO AND CREDEM - JUDICIAL SOURCE Italian bank stocks (still under short-selling bans) are plunging (and the EUR is dropping) but, as Reuters notes, the winner in this growing debacle is Berlusconi as Italians blame the Democratic Party for the problems at the banks.
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