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Italy making $5.8 billion in resources available to keep two banks open

June 26, 2017

CNBC ------ The Italian government on Sunday made 5.2 billion euros ($5.8 billion) of resources immediately available to keep operative two banks that the European Central Bank has deemed "failing or about to fail," sending them into insolvency procedures. Premier Paolo Gentiloni defended the swift action by the government as vital for ensuring Italy's slow economic recovery isn't derailed by a "disorderly" failure of Veneto Banca and Banca Popolare di Vicenza. The two banks are based in the northeast Veneto region, one of Italy's most economically productive. They serve many of the small and medium-sized businesses that are the backbone of the nation's economy. Economy Minister Pier Carlo Padoan assured Italians that on Monday "there will be normal operations at the teller windows" when the two banks reopen their doors after the weekend. To learn more click on the picture below to read the article.

 

 

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