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In the biggest ever rescue plan, Italy agrees to €17bn (£14bn) bailout of two more banks

Italy will commit as much as €17bn (£14bn) to clean up two failed banks in one of its wealthiest regions, the nation’s biggest rescue on record.

The intervention at Banca Popolare di Vicenza and Veneto Banca includes state support for Intesa Sanpaolo to acquire their good assets for a token amount, Finance Minister Pier Carlo Padoan said Sunday after an emergency cabinet meeting in Rome. Milan-based Intesa can initially tap about €5.2bn (£5bn) to take on some assets without hurting capital ratios, Padoan said. The European Commission said it approved the plan.

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