by Axxell » Fri Apr 28, 2017 7:58 pm
The crisis sparked in Dovani also comes to Istalia: the stock of Hasan Grand Holding collapses!
Four big banks already in suffering and two financial companies in Padagna declare bankruptcy
ROMULA - The crisis broke out in Dalibor's markets as a result of the default of the dovanian state of New Verham has also reached Istalia and this morning at least 80 billion LIS were burned at the Romula Stock Exchange.
It has suffered a real collapse Hasan Grand Holding, the main istalian holding and which in Dovani itself has investments for billions and billions due to a deep penetration in the markets of the eastern countries which have been among the first to be reached by the investments of Hasan Grand Holding already during the last century of the isolationist period of Istalia.
Meanwhile, four major banks (Banca Mariani, Banca Monte dei Marchesi di Silicia, Banca Popolare di Verunia, UlbiCredit) announced strong financial losses in their financial segments.
The Consolidated Act on the Regulation of the Banking System this time, after the crisis of the 70s that hit CrediPol and increased the vigilance of Banca d'Istalia (the National Bank), seems to be able to guarantee the vast majority of savings but two of them, Banca Popolare di Verunia and Banca Mariani have already announced a serious review of their credit activity, which make fear a rise in interest rates on loans and financing to individuals and companies.
In Padagna at the same time two financial companies have declared bankruptcy for the sudden loss of billions due to wild and hazardous activity on the favorable markets of Dalibor City in recent years; it up in smoke investment funds over which more than twelve thousand customers had their savings while some medical insurance companies trembled for the loss of vital investments for their business.
The new century thus opens with a serious crisis that is expanding rapidly all over the world, with the Artanian markets among the most shaky and with Majatra which is suffering the first shakes with Romula and especially Wiel already touched.
Istalia has inevitably been one of the first nations on the continent to be hit and this comes during a serious political and institutional crisis due to bribery and corruption that is revealing all its breadth.
However, President Verhoeven immediately summoned the Minister of Finance and later a meeting of the Council of Ministers.
A serious contrast, however, has arisen between the positions of the Minister of Finance, the Radical Angelo Dominiciani and those of the President of the Council Lucas Berlusconi: Dominiciani in fact supported the positions of his party by making clear proposals for state intervention to face possible bankruptcies of financial institutions, cover losses of insurance funds, protect income through possible extraordinary tax on savings and high income thus protect the istalian companies and start important national projects to support work and investment, aiming to support national companies also through protectionist policies; All these proposals were strongly opposed by the Head of Government, the exponent of the country's most liberal party, and who said that in the event of a deterioration of the situation, the state should rather reduce its expenses in order to secure important tax relief for enterprises and so graant the possibility to continue investing, producing and creating jobs facing a fall in international trade that is expected to be significant, and by cutting income taxes it will be possible to keep alive the consumption of the population that could face increases in prices of goods and services, as well as economic constraints.
This serious split is worsening the growing fracture between majority members with Radical MPs who are also demonstrating their disdain for colleagues and allies involved in the corruption scandal.
Alleanza Radicale (Radical Alliance) - Istalia (Active)