Gareth Gore is an associate editor at IFR, where he heads the global people and markets coverage. Since joining the magazine in 2009, he has written extensively on the eurozone crisis, sovereign debt, banking regulation and the international capital markets. He previously worked as a Madrid-based correspondent for Bloomberg, and has also worked for Risk magazine.
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Greece is hoping to lure back some of the €120bn that nervous depositors have pulled out of their bank accounts over the past few years through the creation of so-called “new money” accounts that will not be subject to capital controls.
Banca Monte dei Paschi di Siena is readying a last-ditch effort to raise funds from private investors ahead of stress test results this week that are likely to reveal a substantial shortfall in capital at the world’s oldest – and arguably most beleaguered – bank.
European capital markets have been plunged into deep uncertainty after the UK voted to leave the European Union, with bankers and investors struggling to digest what the unprecedented decision will mean.