November 20, 2019 / 1:29 PM / a month ago

Italian banks say will buy fewer BTPs if ESM reform worsens market conditions

ROME, Nov 20 (Reuters) - Italy’s banks would buy fewer Italian sovereign bonds if a reform of the European Stability Mechanism (ESM), or other changes to current rules worsen conditions for the country’s debt, the president of Italy’s banking association said on Wednesday.

Italian banks held slightly more than 400 billion euros ($442.16 billion) of Italian government bonds in their portfolios at the end of September, around a sixth of the country’s public debt.

$1 = 0.9046 euros Reporting by Stefano Bernabei, writing by Giselda Vagnoni, editing by Gavin Jones

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