…but it is what it is

Eighteen European Countries Have Negative 2Y Sovereign Yields

By Anthony B. Sanders

Italy’s Banca Monte Dei Paschi Siena Down From 9,097 Euros In May 2007 To 3 Euros Today

Is Europe out of the woods yet? Nope. Eighteen European countries have negative 2-year sovereign yields. Not a good sign.

Italy has positive YoY GDP growth (1.61%), but the second highest Debt as a percentage of GDP (after Greece).

With the Italian elections a complete mess (like their economy and banking system), problem-child bank, Banca Monte Dei Paschi Siena, continues its downward drift.

While BMDPS is trading at just above 3 Euros per share, the longer-term performance is more telling. Despite the ECB’s Zero Interest Rate Policy and QE, BMDPS has fallen from over 9,000 Euros per share in 2007 down to 3 Euros per share today. That is a percentage loss of 99.97% since May 18, 2007.

Maybe The Office’s Kevin Malone should run for office in Italy!