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situation report

Dec 23, 2016 | 13:57 GMT

Italy: Government Rescues Struggling But Vital Bank

Italy's government passed a decree Dec. 23 to rescue the country's third-largest lender, historic Monte dei Paschi, Italian Prime Minister Paolo Gentiloni said, AP reported. The government's move comes after the bank failed to raise the 5 billion euros ($5.2 billion) necessary for it to stay afloat. The decree also comes after the country's parliament approved Dec. 21 a possible 20 billion euro rescue of some of the country's struggling banks, which have some 360 billion euros in non-performing loans. Italy's banking problems will not end any time soon.

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