Appeared on February 12, 2013
An article by GlobalPost says that the Monte dei Paschi di Siena bank – a pillar of Italian finance – has seen its reputation unsettled by a bailout and a subsequent mismanagement scandal that is casting a long shadow over the country’s upcoming general elections. A Drexel LeBow expert says the most pressing concern is the deep flaws that have been exposed in Italy’s banking system.
“For the Italian market it has come as a big shock,” said Marco Airaudo, assistant professor of economics. “What it has shown is that there is something behind the curtain, it’s political and it shows that the way things are done is problematic.”