‘Rome has released €5.2 billion in emergency funding on Sunday to wind up the failing Banca Popolare di Vicenza and Veneto Banca, with the country’s finance minister saying the total bailout costs might reach €17 billion.
“The total resources mobilized could reach a maximum of 17 billion euros – but the immediate cost to the state is a little more than 5 billion,” said Finance Minister Pier Carlo Padoan. He assured Italians that on Monday “there will be normal operations at the teller windows.”
Italian Prime Minister Paolo Gentiloni defended the move as a vital “burden-sharing, not a bail-in,” aimed at saving “account-holders, savers, of these two banks, in favor of those who work in these banks, and in general in favor of the economy of the territory, one of our most important.”’
Read more: Italy to pay up to €17 billion to rescue two failing Venetian banks
My Comment: First comes the banking collapse and bail-ins in European Union then we in the U.S. are next! Call Congress 202-224-3121 and ask Congressperson in your state to support passage of Glass-Steagall or else live with the consequences of losing your life savings!
