PIMCO: How Italy could revive troubled banks
It is easy to get lost in the many headlines proclaiming impending doom for Italy's banking system (especially following the 'no' vote in the constitutional referendum), or in the complex details of state aid and debt burden sharing.
But in our view, the big picture is simple. Italian banks are burdened by a large stock of bad loans (so-called non-performing loans or NPLs), which they have valued at prices higher than market participants...
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