Brussels

Italian banks don't need bailout says Saccomanni

Economy minister refutes Bini Smaghi

Italian banks don't need bailout says Saccomanni

Brussels, May 14 - Italian banks don't need any help from the European Union, Economy Minister Fabrizio Saccomanni said Tuesday, rebutting a statement Monday from former European Central Bank director Lorenzo Bini Smaghi. "Italian banks have no need to be saved," Saccomanni said when asked if, as Bini Smaghi suggested, they might need help from the European Stability Mechanism (ESM).

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