Sat04292017

LAST_UPDATEFri, 28 Apr 2017 10pm

Italy Will Not Need To Tap Euro Zone Bailout Fund: Minister To Paper

Italy will not need the support of the European Stability Mechanism (ESM), Economy Minister Pier Carlo Padoan told an Italian newspaper, adding that troubled lender Monte dei Paschi (BMPS.MI) is healthy and will return to profit.

"We will not need it," Padoan told La Repubblica on Wednesday when asked about the possibility that Rome tapped the euro zone bailout fund for financial support.

Italy will inject 6.6 billion euros ($6.97 billion) in public money into Monte dei Paschi di Siena after the bank failed to complete a capital boosting plan last year.

($1 = 0.9473 euros)