The sacrifice shareholders are being asked to make today is compensated for by the greater solidity of their investment. The markets have reacted positively. Compared with mid-March, the premiums on the credit default swaps of the largest Italian banks have fallen by more than half, a significantly greater decline than the average reduction recorded in Europe. The effort must continue.
The public instruments for capital strengthening envisaged by law are now available. The intervention of the state is temporary; the private shareholders will have to replace the public funds as soon as market conditions permit.