Italy sets up bank rescue fund

Italy sets up bank rescue fund

12 April 2016, 16:53
Francis Dogbe
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Italy's financial industry has approved a government-backed plan to set up a rescue fund to help weaker banks. The Atlante fund will be made up by private money, reportedly worth €5bn ($5.7bn; £4bn), and will buy up shares and bad debt in struggling banks. Italy's banking industry is saddled with some €360bn of bad debt, around a third of the eurozone's total. Investor concern over the strength of the industry has hit banking shares this year. However, they soared on Monday in anticipation of the news. Monte dei Paschi di Siene and Banco Popolare - two banks with the worst loan books - both saw their ... READ MORE
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