Italy: Italy takes steps to combat crisis

Italy has adopted a series of measures to combat the global financial crisis which were hammered out by the leaders of the 15 eurozone countries at the weekend, according to Italian News Agency ANSA.

The measures were contained in a decree which Economy Minister Giulio Tremonti said was a "seamless" follow-up to one issued last week based on an accord struck between the 27 European Union economic and finance ministers.

The measures include -

* granting state aid to troubled banks

* buying stakes in banks

* guaranteeing new bank loans

* increasing the amount of liquidity in the market and making it easier for banks to lend money to each other at lower rates.

Published by Mike Hitchen, Mike Hitchen Consulting
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