Italy banks do not need EU aid: econ minister


Italian banks do not need a European Union bailout to boost their capital base, Economy Minister Fabrizio Saccomanni said on Tuesday.

Saccomanni was asked by reporters to comment on a statement by former European Central Bank board member Lorenzo Bini Smaghi, who told Reuters on Monday Rome should ask for international financial aid to reform its lenders and its economy.

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"Italian banks do no need the ESM (European Stability Mechanism)," Saccomanni said.

(Reporting By Francesco Guarascio, writing by)