Two Italian Banks Fail: Bail-In Rules Changed to Protect ECB and Political Class from Losses?

Mish Talk:

On Friday the ECB Shut Down Venice-based Veneto Banca and Banca Popolare di Vicenza as failed or failing banks.

The bailout cost is purportedly €5.2 billion ($5.8 billion), but costs nearly always exceed initial projections.

Under the announcement, senior bondholders and depositors will be protected.

Cont....