Trade in shares of Italy's largest bank has been suspended - as it emerges that events in Libya have helped prevent a collapse of the Italian banking system.
UniCredit's share price tumbled as a solution for eurozone debt appeared distant
UniCredit's share price has plunged in the past month because of market fears over eurozone debt - and now share dealing has been halted due to volatility.
Although it may sound far-fetched, the Libyan revolution of the past six months may have saved it and other Italian banks amid the crisis.
The tale of Libya and its Italian bank investment adventure underlines just how far the Gaddafi clan's influence reached in financial markets throughout the world.
Libya's wealth comprised a range of assets, including gold, oil and sovereign wealth fund investments.
The Libyan Central Bank was one of three Libyan sovereign wealth funds
Just how much of these are returned to any future government remains to be seen - but if you look at the extensive investments in Italy, you can find a prime example of where the Libyans have already lost out.
According to documents uncovered by Global Witness, the Libyan Investment Authority's biggest investment was in Italian bank Unicredit.
The choice is not accidental - Italy was Libya's colonial parent, the legacy of which is extensive financial and political connections.
Through three of its sovereign wealth funds - the LIA (the most above-board), the Central Bank of Libya and the Libya Foreign Bank (these two were able to invest slightly more secretively) - the regime amassed some 1.4 billion shares in UniCredit.
The Libyan sovereign funds brought their investment in the Italian bank to their current
More here:UniCredit's share price tumbled as a solution for eurozone debt appeared distant
UniCredit's share price has plunged in the past month because of market fears over eurozone debt - and now share dealing has been halted due to volatility.
Although it may sound far-fetched, the Libyan revolution of the past six months may have saved it and other Italian banks amid the crisis.
The tale of Libya and its Italian bank investment adventure underlines just how far the Gaddafi clan's influence reached in financial markets throughout the world.
Libya's wealth comprised a range of assets, including gold, oil and sovereign wealth fund investments.
The Libyan Central Bank was one of three Libyan sovereign wealth funds
Just how much of these are returned to any future government remains to be seen - but if you look at the extensive investments in Italy, you can find a prime example of where the Libyans have already lost out.
According to documents uncovered by Global Witness, the Libyan Investment Authority's biggest investment was in Italian bank Unicredit.
The choice is not accidental - Italy was Libya's colonial parent, the legacy of which is extensive financial and political connections.
Through three of its sovereign wealth funds - the LIA (the most above-board), the Central Bank of Libya and the Libya Foreign Bank (these two were able to invest slightly more secretively) - the regime amassed some 1.4 billion shares in UniCredit.
The Libyan sovereign funds brought their investment in the Italian bank to their current
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