Are Italy’s Banks About to Explode?

Insight from January of 2016 for today regarding the Italian economic crisis:

 

Italian banking stocks saw another day of meltdown on January 19 as skittish investors were spooked by the country’s burgeoning toxic loan crisis.(GIUSEPPE CACACE/AFP/Getty Images)

Italian banking stocks saw another day of meltdown on January 19 as skittish investors were spooked by the country’s burgeoning toxic loan crisis. (GIUSEPPE CACACE/AFP/Getty Images)

 

How a banking crisis in Italy could reverberate around the world

The value of Italy’s third-largest bank has plummeted by 60 percent since the start of this year. There are signs many are pulling money out of Banca Monte dei Paschi, out of Italian banks, and out of Italy in general. Even if the nation is not hit by a banking crisis imminently, the dire situation in Italy’s banks and its whole economy could still cause a financial disaster in Europe that would reverberate around the world.

We’re not talking a Greece-type crisis here. Italy is the eurozone’s third-largest economy, and the eighth largest in the world. Its economy is over seven times the size of Greece’s. An economic collapse in Italy would put Europe in a crisis far, far worse than the ongoing Greece crisis. Continue reading

Pope Francis: Europe’s Top Unifier

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Caption: Pope Francis waves as he delivers a message from the central balcony of St Peter’s Basilica on Dec. 25, 2015. (Franco Origlia/Getty Images)

 

Europe’s prestigious Charlemagne Prize for promoting unity goes to the pope—an important sign of what’s to come.

That news will come as no surprise to those familiar with theTrumpet.com. For years we have said that the Catholic Church must play a powerful role in European unity.

The European Common Market has “so far … been unable to bring about full political union,” wrote Herbert W. Armstrong in his book The United States and Britain in Prophecy. “This will be made possible by the ‘good offices’ of the Vatican, who alone can be the symbol of unity to which they can look.”

Few see the signs of the Vatican playing this role, so far. Many of Europe’s modern leaders are from Europe’s very secular, multicultural left. But now, as Europe is becoming increasingly desperate for unity—with the euro, the border-free Schengen zone, and even the European Union itself under threat—we’re seeing more signs that it will look to the Vatican.

Continue reading