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EU approves Italy's plan for break up of two struggling Venetian banks

The European Commission swiftly approved Italy's plans, announced on Sunday, to break up two ailing Venetian banks using state funds.

Published: 26th June 2017 01:08 AM  |   Last Updated: 26th June 2017 01:08 AM   |  A+A-

By AFP

BRUSSELS: The European Commission swiftly approved Italy's plans, announced on Sunday, to break up two ailing Venetian banks using state funds.

"The European Commission has approved, under EU rules, Italian measures to facilitate the liquidation of BPVI and Veneto Banca under national insolvency law," the EU's executive arm said in a statement. 

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