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ECB's Weidmann - can't exclude option of state joining Italy bank rescues

Monday, Dec 12 2016
ECB's Weidmann - can't exclude option of state joining Italy bank rescues

European Central Bank policymaker Jens Weidmann has said state involvement in the rescue of Italian banks can't be ruled out, piling further pressure on the Rome government to bail out Monte dei Paschi di Siena . "The participation of the state alongside investors in a crisis solution can never be excluded," Weidmann told the Frankfurter Allgemeine Zeitung's Sunday edition.

Weidmann, the hawkish president of Germany's Bundesbank, did not mention Monte dei Paschi di Siena, Italy's third-largest bank and the world's oldest, by name in the newspaper interview. Weidmann justified state involvement by arguing that "investors particularly worthy of protection" had to be spared, the newspaper reported. The paper reported Weidmann as saying he could imagine targeted state transfers to investors who had wanted to buy conservative financial products, but quoted him as adding: "The bail-in rules should not be softened."

 

Euro is currently being traded around 1.0580 level. Pair is likely to find support around 1.0530 handle and resistance above 1.0630 area.

Last modified on Monday, 12 December 2016
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