Although expected, the No vote result of the Italian referendum attracted more votes than expected and is likely to lead to a freezing of economic reforms until the 2018 elections. This creates uncertainty regarding the recapitalisation of BMPS and by association smaller troubled banks. It also raises doubts about UCG’s own ability to perform its long-awaited capital increase which is expected to be announced next week. On the positive side, the Austrian vote is a positive to UCG which
05 Dec 2016
Post-referendum thoughts
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Post-referendum thoughts
Although expected, the No vote result of the Italian referendum attracted more votes than expected and is likely to lead to a freezing of economic reforms until the 2018 elections. This creates uncertainty regarding the recapitalisation of BMPS and by association smaller troubled banks. It also raises doubts about UCG’s own ability to perform its long-awaited capital increase which is expected to be announced next week. On the positive side, the Austrian vote is a positive to UCG which