Italy's government approves the bailout on Sunday up to $992 million to save cooperative bank Popolare di Bari
Italian Premier Giuseppe Conte, standing at center, sits with his cabinet ministers as he addresses parliament ahead of confidence vote later at the Lower Chamber in Rome, Monday, Sept. 9, 2019.
It was placed under special administration by the Bank of Italy on Friday but the government led by Prime Minister Giuseppe Conte failed to approve a rescue package on the same day as several ministers boycotted a hastily convened cabinet meeting. The government plan calls for an injection of up to 900 million euros into state-owned Banca del Mezzogiorno-Mediocredito Centrale so that it can finance a capital increase at Popolare di Bari. Of these funds, 500 million would be used to quickly bolster the financial strength of Popolare di Bari and the rest would be set aside in case of future requirements, a source close to the matter said.
The crisis at Popolare di Bari has heaped pressure on Conte's fractious coalition, which brings together the anti-establishment 5-Star Movement and the centre-left Democratic Party.
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