The limited exposure of Italian banks to Greece make them substantially immune to a possible exit of Athens from the euro. The CEO of Unicredit explained it Federico Ghizzoni for which the Italian banking sector “is among the most immunized, in fact it has no exposure to Greece. It is more a matter of volatility on the market than of direct impact".
According to the managing director, the market would already be gearing up for such an eventuality and in fact "everyone is expected to make reasoning of this kind".
A concept also reaffirmed by the president of the Italian Banking Association (Abi), Giuseppe Mussari, who arriving at the annual meeting of Confindustria told reporters that if one looks at “the exposure of Italian banks in Greece is not significant. What we have to ask ourselves is what would be the effects of a Greek exit on other European countries".
By mid-morning the main Italian banks are traveling in the red at Piazza Affari. The Unicredit title loses 1,58% at 2,49 euros, Intesa scores one -1,09%, Banco Popolare a -1,04% and bpm -3,98%.
