Here's a bit of a round up of weekend news from Europe

  • Matteo Renzi, the Italian prime minister, says he is prepared to defy European union rules and pump public funds into the troubled banking system if it comes under severe systemic distress (EU rules are that creditors rather than taxpayers fund bank rescues)

An implication of Renzi's move could be exclusion of Italy from ECB QE and a potential sovereign debt crisis

More at the FT (may be gated)

What else? The EU is sparing the rod in its dealings with Spain and Portugal, at least for another 3 weeks:

  • The European Commission will give Spain and Portugal three more weeks to take steps to correct their excessive deficits and avoid fiscal sanctions

via Reuters

And:

  • Greek Central Bank Governor Yannis Stournaras says Greece expects to take part in the European Central Bank's bond-buying program at the end of 2016 (Reuters)
  • European Central Bank executive board memberBenoît Coeurésaid Sunday it was too early to decide how to respond to Britain's vote to leave the European Union given the current economic and political uncertainty.

Political uncertainty? He is referring to Australia, right ? (Not :-D ) More at the WSJ (the Journal may be gated)