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Italy 'No' vote will make it harder for banks to raise money: economy minister
December 1, 2016 / 6:20 PM / a year ago

Italy 'No' vote will make it harder for banks to raise money: economy minister

ROME (Reuters) - If the government loses a Dec. 4 referendum on constitutional reform it will be harder for Italy’s struggling banks to recapitalize, Economy Minister Pier Carlo Padoan said on Thursday.

Italy's Finance Minister Pier Carlo Padoan attends a news conference at the Chigi Palace in Rome November 28, 2016. REUTERS/Tony Gentile

Padoan told state television RAI that Italy’s banking system was solid, but said there were eight banks that were in a delicate position. One of those lenders, Monte dei Paschi di Siena (BMPS.MI), is looking to raise 5 billion euros ($5.3 billion) by year-end to plug a capital shortfall.

“If ‘No’ wins it will be more difficult to raise capital,” Padoan said.

Reporting by Crispian Balmer

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