Mps, Sapelli economist: ‘you become a cooperative bank, enough with the story of the public bank which is ridiculous’

Thus the economist Giulio Sapelli, in an interview with La Notizia on the breakdown of negotiations between UniCredit and Mef on the future of Mps. Sapelli underlines that “Draghi and the Mef can still change their model”, calling for a solution for Monte dei Paschi that transforms it into a
“territorial bank, even better cooperative”.

Practically, “the citizens of Siena must be called: if they want to keep their bank they must transform it. This means reducing their expectations: no longer an international bank but a territorial one. But it is the only way to preserve prestige and name and avoid the social butchery “.

Sapelli explains himself and explains what the Draghi government should do:

“Instead of paying another billions to turn the bank into bankruptcy, we need to use the money that the state gives as an endowment fund for a cooperative bank. Enough with the story of the public bank which is ridiculous. Let’s make a cooperative bank by forgetting the shame they have done with the Renzi reform against the popular banks and against the cooperative credit banks “.

But what would Europe say?

“There too we need to negotiate – says Sapelli – The only cooperative banks in the territory ever touched are the German ones, while Europe has massacred all the other banks that do not have capitalist ownership structures. We must invoke a level playing field with the German cooperative banks. Yes. he can create a cooperative bank without asking for money from Europe or from Italian savers but only from the citizens of Siena and those who want to believe in a new cooperative venture. Bassta with the welfare state. Draghi and Franco must change their approach “.