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Italy’s government seeks to rescue banks

Scott Tong Dec 20, 2016
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A Picture shows the logo of Italian bank the Monte Dei Paschi di Siena (BMPS) on December 9, 2016 in Rome.    TIZIANA FABI/AFP/Getty Images

Italy’s government seeks to rescue banks

Scott Tong Dec 20, 2016
A Picture shows the logo of Italian bank the Monte Dei Paschi di Siena (BMPS) on December 9, 2016 in Rome.    TIZIANA FABI/AFP/Getty Images
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Italy’s new government is asking lawmakers to approve a bailout package of some $20 billion to rescue its heavily-indebted banks. Many banks in the Eurozone’s third-biggest economy are at risk. However things shake out, this situation could bring financial suffering to many ordinary Italians and strengthen a populist backlash against the European Union and its single currency, the Euro.

 

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