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The Pope and Italian Finances

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  • Description

    Spotlight Ideas managing partner Stephen Pope on the link between the Pope's election and business.

  • Duration 2:18
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The economic situation in Italy and getting any better uncertainty.

Route runs right -- the financially strapped nation has Fitch downgrades that country to a triple B plus with a negative outlook.

This is cardinals meet this hour to begin the process of electing a new leader of the Catholic Church -- me now via Skype who got Stephen Pope.

Managing partner of spotlight ideas thanks very much for being with us mr.

Pope.

You know what.

I don't know how much I should care as an investor about the pope's election but one point four billion Catholics certainly do.

And -- -- business network so I brought you here to try to build a bridge between pope's selection and business angle so tell me something and tell me something they -- have.

Connects the two it's your turn go ahead.

Okay well I'll see I'm appropriate name for this particular is -- yes you walk.

I would say that whoever is elected by the conclave of cardinals.

One of the most simple thing he's gonna have to do very quickly.

To reestablish back on the authority he cleaning up back from the bank because currently it is -- -- national on line banking system.

Now it might just -- the -- this -- is a very small state.

But like Monaco they use the Euro might have to with -- the rules that apply to all banks in the Euro area a money laundering using illegal.

Is being -- -- many -- -- Italian.

Mexican finance these are shrouded in mystery and whoever.

Gets elected guess the white -- the go to come in with a big improvements we could -- very quickly.

Stephen Pope that as an incredible angle and I love -- congratulations sir you did it.

Now I seem to remember that ten or twenty years ago the Vatican bank was actually.

Linked to a scandal that was some famous banker found hanging from a bridge and unexplained mysterious circumstances of his death.

The money laundering exactly what dark forces are trying to wonder what kind of money through Vatican bank it is alleged.

While I think one of the issues there's some -- effectively for the economy an economy.

Is that is the main commercial banks stop lending there's so only.

In and -- -- boarding that we every won't.

OK I think we may have lost.

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