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Government to pay 17 billion euro to save two banks

Government to pay 17 billion euro to save two banks

Italy will pay up to 17 billion euros ($19 billion) to break up two insolvent Venetian banks, which have posed a threat to country's banking system, the government announced Sunday. Both face bankruptcy and European authorities had urged Italy to devise a rescue framework, selling off the good assets of the stricken Banca Popolare di Vicenza and Veneto Banca and transferring their toxic assets to a "bad bank," essentially financed by Rome.

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