Europe News

Italy follows Britain with bank bailout (Roundup)

Oct 9, 2008, 0:52 GMT

Rome - The Italian government late Wednesday forged a stabilization package as a 'precautionary' measure to secure banks and bank deposits. 'No bank will go bankrupt,' conservative Prime Minister Silvio Berlusconi said late Wednesday in Rome, after an emergency meeting of his Cabinet. He said that Italian savers have nothing to worry about and despite the widening global financial crisis have no need to hide their euros under a mattress. Economy Minister Giulio Tremonti will give details of the stabilization package Thursday in Parliament. The Italian banking system has 'adequate liquidity,' he said Wednesday. According to media reports, a rescue fund of 20 billion euros was to be made available to the banking industry. Italian bank deposits are insured by the up to 100,000 euros, and the government plans to expand the guarantee. Earlier Wednesday, Tremonti had voiced agreement with the British government's 50-billion-pound (87-billion-dollar) rescue package for leading banks in Britain.

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