Renzi faces political backlash over Italian banks’ rescue | WHAT REALLY HAPPENED

Renzi faces political backlash over Italian banks’ rescue

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Matteo Renzi, Italy’s centre-left prime minister, is facing a political backlash over the €3.6bn rescue of four small banks last month, after thousands of retail investors who lost money in the deal have mounted increasingly vocal protests.

The public opposition has led Italian officials to consider the rare step of paying a “social subsidy” to the most financially vulnerable junior bondholders who took a hit in the agreement to save Banca Etruria, Banca Marche, CariFerrara and CariChieti. Pier Carlo Padoan, Italy’s finance minister, has described any possible compensation as “humanitarian” in that it is designed to aid the weakest victims of the rescue.

Webmaster's Commentary: 

So, banks in Europe are starting to steal their customers' money!