February 12, 2015 / 6:18 PM / 3 years ago

Italy cabinet won't examine bad bank plan at Feb 20 meeting- spokesman

ROME, Feb 12 (Reuters) - Italy’s cabinet will not examine a state-sponsored initiative to help domestic banks get rid of soured loans on Feb. 20, a government spokesman said, correcting comments attributed to Prime Minister Matteo Renzi earlier on Thursday.

Italian banks are saddled with 184 billion euros ($209 billion) in bad loans which they are struggling to offload as market for these assets has not developed so far.

Speaking to journalists in Brussels, Renzi was reported as saying the cabinet would address the issue at a meeting on Feb. 20, but his spokesman Filippo Sensi said the prime minister had been misunderstood and was referring to another question. (Reporting by Paolo Biondi, writing by Gavin Jones)

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