Italian Banks Are Rescued

European Commission and Italy’s government agreed not to close Italian Banks Popolare di Vicenza and Veneto Banca and instead to move good assets to Intesa Sanpaolo Banking Group. The government will give EUR 5.2b and guarantees of more than EUR 12b to the Group. Pier Carlo Padoan (economy minister) stated that the total funds that will be shifted make up about EUR 17b.