Bailouts in Europe should be a thing of the past but will the EU follow its own new rules?
In the late afternoon of November 28, Luigino DAngelo typed a suicide note on his computer. Twenty minutes later he hanged himself from the banister of his home in the Italian city of Civitavecchia.
The 68-year-old pensioner, a former employee of energy group Enel, had lost his life savings in a government-backed reorganisation of Banca Etruria, a troubled lender active mainly in Tuscany and central Italy, where DAngelo had been a customer for 50 years. His mistake had been to place 110,000 of savings not in a conventional deposit but in an investment product, in practice a risky form of the banks own debt.
As …
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