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Business Matters: Italian Brexit Banking Woes

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Italian Brexit Banking Woes

05/07/2016 GMT

BBC World Service - Business Matters, Italian Brexit Banking Woes

Growth forecasts have been cut and investors fear there'll be more defaults on loans.

Britain's decision to leave the EU has brought the crisis facing Italy's banking sector to a head.

Britain's vote to leave the European Union has caused damage to banks and to the wider economy in Italy. Growth forecasts there have been more pessimistic since June 23rd, and investors fear there'll be more defaults on loans. Italian banks are already sitting on a big pile of bad debt - but on Monday the world's oldest bank, Banca Monte dei Paschi di Siena, saw its share price fall to an all time low after the European Central Bank said it had to cut back on the risky loans it holds. Professor Enrico Colombotto of the University of Turin described the scale of the problem faced by Italian banks.

The Australian Electoral Commission has begun counting millions of postal and absentee votes today with the election still too close to call.  Phil Mercer is watching the long-drawn-out process.

The US space agency NASA is no stranger to dramatic count-downs, but right now early on Tuesday they are really holding their breaths. NASA's solar-powered Juno spacecraft is about to reach Jupiter after an almost five-year journey. When it does arrive, it's going to hit the brakes. But if a 35-minute main engine burn doesn't slow the spacecraft so it can be pulled into Jupiter's orbit it will be an epic billion-dollar fail.

(Photo credit: GIUSEPPE CACACE/AFP/Getty Images)

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