Italy’s $21 Billion Bank Rescue Fund Is Sufficient, Visco SaysBy
Government has ‘more than enough room’ for bank issues: Visco
Steps last year let Italy ‘deal constructively’ with crises
Italy’s 20 billion-euro ($21.4 billion) government rescue fund is sufficient to recapitalize the country’s troubled banks, and about a third of money will be used for Banca Monte dei Paschi di Siena SpA, Bank of Italy Governor Ignazio Visco said.
“This measure is an important one for Italy as it emerges from the crisis that buffeted its economy and banking sector,” Visco, a member of the European Central Bank Governing Council, said on Saturday in a speech at the annual Assiom-Forex conference in Modena, near Bologna. “There is more than enough room to address the recapitalization needs of any other Italian banks that meet the conditions laid down in the decree, in the first place those relating to the results of a stress test.”…
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