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


Renzi faces political backlash over Italian banks’ rescue

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/cec1f9da-9f4b-11e5-8613-08e211ea5317.html#ix...

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!

Comments

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA