Italy says financial system solid as furore over banks' rescue grows

Rome

ECONOMY Minister Pier Carlo Padoan said on Tuesday that Italy's financial system remained solid as the government faced a mounting furore over the rescue of four banks that wiped out the savings of thousands of retail investors.

Italy saved Banca Marche, Banca Etruria, CariChieti and CariFe at the end of November, drawing 3.6 billion euros (S$5.6 billion) from a crisis fund financed by the country's healthy lenders.