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"They (the banks) have been buying between 60 and 90 percent of the bonds issued in recent years. And the way the balance sheet is developing in the Italian banking system, they won't be able to do that, and I wonder who will buy those bonds," he added.
"The EU is trying to dictate a very severe austerity program…and that will lead to a lengthy recession, I would call it a depression, and we will see later this year that Italy, Spain and virtually all the peripheral countries will be in negative growth again," he said.