2008 - 2017

DB in Italy

DB in the world

Scenario

In 2008, the price of oil reached $100 per barrel for the first time ever. In September, Lehman Brothers filed for bankruptcy due to debts accumulated as a result of the subprime crisis; nearly 400 banks would subsequently fail in the US alone. Meanwhile, Barack Obama won the US presidential elections in November. In 2009, Mario Draghi was appointed head of the Financial Stability Board, to address the first signs of the crisis in Greece, which spread to Spain, Portugal, and particularly Ireland in the following year. An international bail-out programme of €85 billion was subsequently launched. The European debt crisis exploded in 2011: in the same year, Osama Bin Laden was killed (a full decade after the Twin Towers attack) and Mario Draghi became chairman of the ECB. It was Mr. Draghi who, a year later, "saved" the euro with his (by now well-known) "whatever it takes" approach. In the same year, the Monte dei Paschi di Siena case first hit the headlines in Italy. In 2013, Croatia joined the EU. In 2014, Matteo Renzi became leader of a government that, amongst other things, issued a decree to transform Italy's mutual banks into joint-stock companies. In the same year, ISIS emerged from the Syrian Crisis, "introducing" itself to Europe with the Paris attacks. 2016 was marked by the UK referendum, with a vote for Brexit (the UK's departure from the European Union), and the US presidential elections, with a victory for Donald Trump. Despite many forecasts to the contrary, the financial markets reacted positively to the US result. In December 2016, after defeat in the referendum on constitutional reform, Matteo Renzi resigned. He was replaced by Paolo Gentiloni.

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Last Update: October 12, 2017
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