The move to bail out two Italian banks for €5.2 billion last Friday (June 23rd) comes two days after the European Central Bank stated that Banca Popolare di Vicenza and Veneto Banca were “failing or likely to fail. “

Italy’s Prime Minister, Paolo Gentiloni, said the bailout was needed to protect savers and ensure “the good health of our banking system” with the good assets be taken over by the Intesa Sanpaolo banking group whose branches and employees will be under new management on Monday morning but up to 4,000 job losses are predicted.

———–

© algarvedailynews.com

The above content produced by algarvedailynews.com is not intended for commercial use and may not be republished by third parties either wholly or in part unless permission is sought and granted and the source credited.

——————-