Belfast Telegraph

Rome to bail out struggling Banca Carige

By Staff Reporters

Italy's populist government has stepped in to help guarantee struggling Banca Carige, bending to pressure despite the ruling 5-Star Movement's long-time anti-bank bailout rhetoric.

The government said it passed a decree guaranteeing future bond issues and foresees the possibility of a precautionary public recapitalisation.

Premier Giuseppe Conte said the measures were aimed at protecting the "rights and interests" of ordinary account-holders.

The European Central Bank appointed three commissioners to run Italy's 10th largest lender as part of a plan to avoid another bailout.

Opposition Democrat leaders denounced the 5-Stars for what they said was hypocrisy, since the anti-establishment movement has long denounced bank bailouts and other bank initiatives.

Former premier Matteo Renzi said: "It took just 10 minutes in a late-night cabinet meeting to disprove five years of lies."

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