ECB’s De Guindos: UK could enter a large recession in case of a disorderly Brexit

ECB vice-president, Luis De Guindos crossed the wires in the last hour and said that Italy is clearly underperforming Euro-zone in growth. 

Key quotes:

   •  Expects Italy and Commission to reach agreement on the budget.
   •  In case of a disorderly Brexit, UK could enter a large recession.
   •  Believes Euro-zone banks are well prepared for disorderly Brexit.