IMF Managing Director
Christine Lagarde said Thursday Italy's new private Atlante fund
to shore up the banking sector showed "an interesting approach,
limited in scope and amount, but interesting". But she said "it
is so recent that I have to reserve judgment". Bad loans are a
legacy of the financial crisis, she said, and Italian
authorities have recognised it is a problem that must be
addressed. The financial industry approved a government-backed
plan Monday to set up the privately financed fund to buy up
shares in struggling Italian lenders and to take on their
non-performing loans.
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