Italy Granted ‘Extraordinary’ €150 Billion EU Bank Bailout Program To Prevent ‘Panic and Run On Deposits’

‘According to an EU official, the liquidity support program includes up to €150 billion ($166 billion) in government guarantees. The WSJ adds that the commission spokeswoman declined to comment on the amount of guarantees that were authorized, but said that the budget requested by the Italian government had been found to be proportionate. The Italian economy ministry declined to comment.
An amusing sidebar: “only solvent banks would qualify for the liquidity support program, which has been authorized until the end of the year.” The problem is that with €360 billion in NPLs, every bank in Italy is insolvent, which implicitly means that they will all be found to be solvent or otherwise nobody will benefit.’
Read more: Italy Granted ‘Extraordinary’ €150 Billion EU Bank Bailout Program To Prevent ‘Panic and Run On Deposits’