U.K. Prime Minister Theresa May is calling off a crucial vote in Parliament on whether to approve her Brexit deal, according to a person familiar with the situation.
Best Reads
What the 2018 EBA stress tests (don’t) tell you about Italy (Bruegel)
The results of the latest European Banking Authority stress tests were eagerly awaited for their results on the four biggest Italian banks. At first sight, these banks seem well prepared to withstand an adverse macro-financial shock. But judging by the market reaction following their publication, the results have not appeased investors.
Telecom Italia Caught in Clash of Clans While Rome Burns (Light Reading)
“Chief executives do not last long at Telecom Italia before they are typically overthrown by squabbling shareholders. The telco has just appointed its fifth boss since 2012 after naming Luigi Gubitosi the successor to Amos Genish, who was ousted a few days ago in the latest round of CEO musical chairs.”
Mission impossible? What Banca Carige really needs is a buyer. (Euromoney)
“The Italian bank has bought some time with the ECB, but what it really needs is a white knight.”
Europe Is Ground Zero for Global Credit Fears (Bloomberg)
CMC Ravenna, DIA, Douglas, Boparan: Just some of the hitherto obscure firms that have ensnared European credit investors in recent weeks.
Athens court hears Folli Follie request for protection from creditors (Ekathimerini)
The Athens Court of First Instance on Thursday heard a request by troubled jewelry firm Folli Follie for protection from its creditors under Article 106a of Greece’s Bankruptcy Code.
Nordic model tarnished as scandals hit region’s banks (FT)
“Nordic banks were seen as the stars to emulate after the global financial crisis as many of them emerged in better shape than lenders from Germany, the UK or southern Europe. But now their shares are under pressure amid a growing number of allegations.”
Central bank independence (ECB)
ECB argues for the continuing value of central bank independence.
Croatian court approves Agrokor’s debt-settlement plan (Just Food)
“Croatia’s High Commercial Court has approved a long-awaited debt-settlement plan for financially embattled consumer goods conglomerate Agrokor.”
The IMF keeps making the same mistakes in its thinking about global growth (Market Watch)
Opinion from Ashoka Mody: “The IMF [keeps] getting its forecasts wrong because it [fails] to recognize the endemic weaknesses in the world economy.”