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After rescuing banks, Italy moves to bail out savers

Italian Minister of Economy and Finance Pier Carlo Padoan speaks during a press conference at an Economic and Financial Affairs Council meeting on October 6, 2015 in LuxembourgItaly was working Friday to set up a solidarity fund to help small investors who lost money in the rescue last month of four regional banks, following the suicide of a man whose life savings were wiped out. Finance Minister Pier Carlo Padoan told parliament’s budget committee that the government was “preparing a directive for the creation of a fund”, as police seized documents from one of the banks as part of a probe into the pensioner’s death. “It’s not possible to rule out that the four banks sold subordinated bonds to people who presented a risk profile incompatible with the nature of these bonds, but this is what should be verified with the analysis of each individual case,” Padoan said.

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