Milan

Ex-ECB member says Italy should request bailout for banks

Italian banks need recapitalization, says Bini Smaghi

Ex-ECB member says Italy should request bailout for banks

Milan, May 13 - An Italian former member of the board of the European Central Bank (ECB) said on Monday that Italy should seek European bailout funding to help some banks. ''Italy should ask for an adjustment programme and to use ESM (European Stabilty Mechanism) funds to recapitalize the banking system,'' said Lorenzo Bini Smaghi, ex-ECB board member, at the fringes of a financial conference. As for the likelihood of it happening, Bini Smaghi responded: ''it is a question of national pride, but if we look to pride....''.

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