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Italian authorities announce their willingness to spend up to €17 billion ($19 billion) as part of the shutdown of regional banks Veneto Banca and Banca Popolare di Vicenza. The banks' best assets will be sold to Intesa Sanpaolo for a nominal sum of €1. The funds will cover the costs of bad loans, legal exposure, restructuring, and personnel issues. Italy's use of national insolvency laws avoids losses on senior bondholders.
Saturday, 24 June, 2017