Banco Popular takes one for the team

摘要

The regime to deal with failing European banks cleared its first major hurdle last week as the market shrugged off the resolution of banco popular and the wipeout of its subordinated debt. But the action raised the stakes for Italy's troubled banking sector. After watching Popular wobble on the edge of insolvency for months - and as a bank run was apparently gathering force -regulators used the EU's Bank Recovery and Resolution Directive for the first time to swiftly wind up the Spanish lender.