Paul Murphy (Dublin South West, Anti-Austerity Alliance) | Oireachtas source

The fundamental thing is that it is eight years since the outbreak of the major financial and banking crisis, which had a particular European dimension, and the policies implemented in response to it did not deal with the fundamentals and did not fundamentally deal with the unsustainable debts which exist. The bailout funds which have been set up are not substantial enough to deal with the debts that can be exposed here. To take the example of Italy, which is clearly unstable, it is reported the Italian banking sector as a whole has €360 billion of problematic loans, equivalent to one fifth of GDP. It has a particular name for them in Italy, which is la sofferenza, the suffering. When we look at political events around the world, there is a constitutional referendum coming up in Italy, and one would have to place relatively good money on Renzi's Government losing the referendum and therefore a political crisis in Italy, which could detonate the banking crisis there, or similarly the points regarding Deutsche Bank.

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