Italian Banks are not popular right now….. We found this note very interesting for a few reasons. Horseman Capital is bearish, VERY bearish as ZeroHedge notes, plus unlike some permabears, Horseman has a good LT track record and is among the top performing funds this year. The Italian banking crisis is complicated, this is a good primer, but see what Horesman Capital says below. It has never been a secret that Italian banks have a larger proportion of NPLs (Non-Performing Loans) than most of their European peers. Intesa Sanpaolo’s gross NPLs are around 18% of total loans outstanding (source: Company...