Italy could DESTROY eurozone: Rome to inject 15 BILLION euros into banks to SAVE them
ITALY is set to inject billions of pounds worth of cash into its failing banks in a desperate attempt to halt a looming financial meltdown, according to reports.
By LANA CLEMENTS
Express.co.uk
Fri, Dec 16, 2016
Troubled lenders including Monte dei Paschi di Siena (MPS) and smaller competitors are in line to receive €15billion (£12.6bn) to help avoid a collapse, which could have devastating effect on the Italian economy.
Rome is stepping in as time runs out for MPS to find a solution to its €40bn (£33bn) book of bad loans.
Italy’s oldest bank only has until December 31 to find more cash, or face forced closure by the European Central Bank (ECB).
But under European Union rules, any bailout by the Government must be accompanied by losses for Italian savers and pensioners with bonds in the bank – a move that could spark a fierce backlash.
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