Tags: EU | Italy | Banks

Italy Makes 5.2B Euros in Resources to Keep 2 Banks Afloat

Sunday, 25 June 2017 12:38 PM EDT

ROME (AP) — The Italian government is making 5.2 billion euros ($5.8 billion) of resources available to keep operative two banks that the European Central Bank last week had deemed "failing or about to fail," sending them into insolvency procedures.

Premier Paolo Gentiloni said the measures, adopted at a Cabinet meeting Sunday, are "in full respect of EU rules" about national governments' aiding local banks.

Veneto Banca and Banca Popolare di Vicenza have struggled to overcome high levels of loans not being paid back. Gentiloni said Italian bank Intesa Sanpaolo would take on the "good" assets of the two banks. Economy Minister Pier Carlo Padoan assured Italians the two banks would be operating normally on Monday when they reopen after the weekend.

© Copyright 2026 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Europe
The Italian government is making 5.2 billion euros ($5.8 billion) of resources available to keep operative two banks that the European Central Bank last week had deemed "failing or about to fail," sending them into insolvency procedures.Premier Paolo Gentiloni said the...
EU,Italy,Banks
121
2017-38-25
Sunday, 25 June 2017 12:38 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved