BlackRock pullout makes state role in Carige rescue more plausible: Moody's

FILE PHOTO: The Carige bank logo is seen in Rome, Italy, April 16, 2016. REUTERS/Stefano Rellandini/File Photo

“BlackRock’s withdrawal does not bode well for the efforts to turn around the bank without public money,” Moody’s said in a note. The rating agency added that, based on its 2019 estimate, the money set aside accounts for just 0.06% of Italy’s GDP. But Italy’s public finances are already under pressure because of weaker-than-expected economic growth.

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