Mps: a shock for the Meloni government. Of those kinds of reality shocks that will bring the Brothers of Italy back down to earth. The warning-attack comes from Germany, to be precise from the newspaper “Frankfurter Allgemeine Zeitung”.
The news was reported in Italy by the Nova agency, on the day of the massacre that knocked out the MPS stock: the stock was suspended in today’s session with a theoretical decrease of about 12%.
From Germany, the “Frankfurter Allgemeine Zeitung” recalls that “when it was in opposition, the party led by Giorgia Meloni“ wanted to delay the capital increase ”of the Sienese bank; now that it has won, “it is bowing to market pressures”, saying yes to the 2.5 billion euro recapitalization that will start next October 10 and which will be used, it is recalled, “above all to finance the downsizing of approximately 3,500 employees for restructuring purposes “.
The “Frankfurter Allgemeine Zeitung” speaks of MPS as a shock that will bring Fratelli d’Italia back to reality and reminds that investors have doubts about the success of the capital increase. To complicate the picture, “a great political uncertainty” after the victory of FdI in the elections of 25 September.
The German newspaper’s reference is to the sharp turnaround by Maurizio Leo, the financial manager of Fratelli d’Italia who, a few days before the political elections of 25 September, had said that it would be appropriate to postpone the recapitalization of the Sienese institute to the period following the vote .
Asked by Bloomberg, Leo expressed himself as follows:
“It is a difficult time and it is better to wait for the new government. Monte dei Paschi is an important operation, which must protect both jobs and a strategic asset for the Italian economy ”.
The news circulated on 12 September.
The victory of Fratelli di Italia in the elections and the prospect of a Meloni government immediately made Leo change his mind, who promptly expressed all his confidence in the bank’s CEO, Luigi Lovaglio. Reuters reported the statements made by FdI’s economic manager, Maurizio Leo, immediately after the outcome of the political elections.
Leo said that Mps, (which together with other companies is confirmed as one of the most burning dossiers on Giorgia Meloni’s desk), “is in good hands” and that the party “is confident that the CEO Luigi Lovaglio can lead to completion of the transaction ”for the 2.5 billion euro recapitalization. “He has the experience to do it,” remarked Leo.
The blessing of the recapitalization operation therefore came after Leo himself, before the vote, had said that it would be appropriate to wait.