Italy's Padoan sees no impact on public finances from referendum
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Italy's Finance Minister Pier Carlo Padoan speaks during a news conference at the Chigi Palace in Rome November 28, 2016. REUTERS/Tony Gentile
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
MILAN (Reuters) - There will be no impact on public finances if Italians reject a referendum on constitutional reform on Sunday but there could be "48 hours of market turbulence", Italy's economy minister Pier Carlo Padoan told daily newspaper Avvenire on Friday.
Asked if a No vote would make it more difficult to achieve growth of 1 percent in 2017, making an extra budget necessary, Padoan said "no, I do not see any impact from a No vote on public finances."
The minister said there was no risk of any "financial earthquake" from the vote even though markets could be unsettled for 48 hours.
"But then, as with Brexit, the fog will lift and normality will return," he said.
Padoan said there was no systemic risk for Italian banks, adding financial analysts believed a No vote was priced in by the market, meaning a Yes vote could only be good news.
"Should there be a different scenario we will evaluate whether some kind of intervention is needed."
Asked about troubled lender Banca Monte dei Paschi Padoan said it would return to being a "dynamic and competitive bank" after its planned capital increase.
(Reporting by Stephen Jewkes)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Afghan president says Taliban wouldn't last a month without Pakistan support
- Turkey wants trade with China, Russia and Iran in local currencies, Erdogan says
- British PM heads to Bahrain to cement Gulf ties before Brexit
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!