The statements of the British Chancellor of the Exchequer, George Osborne, aimed at reassuring the financial markets are in clear contradiction with his other statement: namely that the United Kingdom (or what will remain) will leave the EU when it is ready to do so, in continuity with the behavior of Prime Minister Cameron who deferred to his successor (when?) the initiation of the procedures envisaged by Article 50 of the Treaty of Lisbon. It is a typical behavior not of the traditional English phlegm but of the governments of the end of the first Italian republic always stigmatized by the British press. This is not surprising, as British foreign policy has always been characterized by not having allies or friends but always and only British interests. It is quite clear that the gamble in the referendum of the ramshackle British Conservative government, assisted in practice by the equally ramshackle Labor Party, was aimed, if "remain" won, at obtaining more and more concessions and funds from the EU. It is no coincidence that the millions of signatures to obtain a law allowing the repetition of the referendum come from Londoners who, certainly not out of "love" for the EU, fear losing the advantages of the status quo granted by the EU.
To reassure the financial markets, the only way is to convince Merkel of the urgent need to eliminate uncertainty about the timing of the UK's exit from the EU. The more the times are uncertain and prolonged to the advantage of the British, the more the European markets will continue to fibrillate and the attack on the Italian banks will be increasingly violent as they are the weak side of the Italian system.
In this context of prolonged uncertainty about British behavior, intervention for the so-called safety net for Italian banks, in which savers' confidence is at an all-time low, is becoming increasingly probable. Mistrust to keep in mind for the renewal at maturity of the stock of bank bonds (whether subordinated or not) that have filled the savers' portfolio. Do not forget the debate on "probabilistic scenarios" and on the additional dose of distrust given to the behavior of savers could be the way to facilitate Italian banks in the difficult task of renewing their bond loans.
