Rome

No vote will make it harder to gather capital - Padoan (2)

But no systemic risk

No vote will make it harder to gather capital - Padoan (2)

Rome, December 1 - A No vote in Sunday's Constitutional reform referendum will make it harder to gather capital but there are no risks for Italian banks, Economy Minister Pier Carlo Padoan said Thursday, denying a warning from the Financial Times that eight banks risked failure. "If the No wins, but above all if with the No victory there is less confidence on the market, it will be harder to gather capital, but there is no systemic fragility," he said. If Premier Matteo Renzi goes through with his initial pledge to quit if he loses the referendum, pundits expect a period of political and economic uncertainty.

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