January 25, 2013 / 1:11 PM / 5 years ago

Italy's financial environment sound despite Monte Paschi-EconMin

DAVOS, Switzerland, Jan 25 (Reuters) - Italy’s Economy Minister Vittorio Grilli said on Friday the problem of Banca Monte dei Paschi di Siena emerged in a domestic financial and banking environment that is otherwise healthy.

“The financial and banking enviroment in which this potential problem of Banca Monte dei Paschi is happening is a sound one,” Grilli said, speaking at the World Economic Forum in Davos.

“(People) have to keep it in perspective,” Grilli said after Italy’s third biggest bank this week revealed structured trades that could cost it as much as 720 million euros.

Reporting by Lisa Jucca, writing Francesca Landini; editing by Antonella Ciancio

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