Ralf Preusser, who heads European rates research at Bank of America Merrill Lynch, said Italy was “the big loser” at the euro summit last month, Boersen-Zeitung reported, citing an interview.

Italy’s main difficulty is its debt burden, at 120 percent of gross domestic product, not its banking system, as in Spain, the newspaper cited Preusser as saying. He said the European Union’s decision on a banking union therefore benefits Italy little and the country’s goal of joint euro-area bonds didn’t materialize, Boersen reported.

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