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Italian Banks Hit Reset as Taxpayer Billions Bail Out Lenders

  • Billions in state aid help Italy’s lenders muddle through
  • More than 300 billion euros in bad loans remain on books
Bloomberg business news

Italy’s Gutgeld Says Bank Deals Will Restore Confidence

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Italians may be about to experience something they haven’t felt in some time: confidence in their country’s financial system.

European Union officials capped years of turmoil in Italy’s banking industry on Tuesday by approving a plan to salvage Banca Monte dei Paschi di Siena SpA, a onetime pillar of the financial establishment brought to the edge of ruin by bad loans and poor management.