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Italy Senate also approves government request to lift debt to help banks
December 21, 2016 / 11:15 AM / a year ago

Italy Senate also approves government request to lift debt to help banks

ROME (Reuters) - Italy’s upper house of parliament approved on Wednesday a government request to borrow up to 20 billion euros ($20.8 billion) to underwrite the country’s troubled banks.

The vote came just minutes after the lower house had also given its authorization for a hike in the national debt to cover an eventual intervention.

The twin votes clear the way for government action, possibly this week, with Italy’s third largest lender, Monte dei Paschi di Siena (BMPS.MI), likely to request state funds to prevent it from collapse.

Reporting by Crispian Balmer

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