Padoan Confident Veneto, Paschi Last Lenders Needing State Aid
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Italian Finance Minister Pier Carlo Padoan discusses the nation's commitment of up to $19 billion to clean up two failed Italian banks. He speaks with Bloomberg's Mark Barton on 'Bloomberg Markets: European Close.' (Source: Bloomberg)
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No other Italian banks will need state aid after the government orchestrated a last-minute rescue of two failed Veneto lenders over the weekend, Finance Minister Pier Carlo Padoan said.
The minister, speaking in an interview with Bloomberg Television’s Mark Barton, rejected criticism that the 17 billion-euro ($19 billion) commitment was exactly the sort of state intervention that Europe’s post-financial crisis banking rules were created to prevent.