Lenders' funding costs have been slashed, capital requirements have been relaxed and over 1 trillion euros has been pledged in loan guarantees and payment supports
UniCredit's announcement triggered anger among unions in Italy
years-long tax scam saw banks drain 55 billion euros (USD 63 billion) from national treasuries in Europe
Many of these cuts are necessary because of the overly fragmented nature of euro-area banks: Jonathan Tyce & Arjun Bowry said