Italian government bails out two regional banks

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The Italian government has made 5.2 billion euros available for immediate use and is prepared to spend up to 12 billion euros more to rescue two regional banks. The move comes after the European Central Bank warned the two Venetian lenders were “failing or about to fail”. The good assets of Veneto Banca and Banca Popolare di Vicenza will be bought by Intesa, the country’s largest bank, while the bad ones are expected to be sold at bargain prices.

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