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June 27th, 2012 
FAKE NEWS for the Zionist agenda This comes after the bank sought the government funds to prevent its imminent failure.
BMPS said on Wednesday that it is set to borrow around 1.5 billion euros (USD 1.87 billion) from the Italian government by the end of the year in a bid to pay off its debt and strengthen its liquidity.
The bank also said in its strategic plan for 2012-2015 that it will reduce workforce and sell assets.
According to BMPS, its new strategic plan would “entail significant capital strengthening, a strict policy to safeguard asset quality, a structural balance of liquidity and no dependence on the European Central Bank.”
The development came as the government had offered the ailing bank up to two billion euros in aid aimed to raise its capital.
Rome said the bailout loan was necessary because the bank had found it “impossible” to increase its own funding amid the worsening economic crisis in eurozone.
Various eurozone member states, including Greece, Spain and Italy, have been struggling with deep economic woes since the bloc’s financial crisis began roughly five years ago.
Over the past decade, Italy has been the slowest growing economy in the single currency area.
On June 11, Italy’s national statistics bureau, Istat, said that eurozone third-largest economy shrank by the first quarter of 2012, mainly due to the falling domestic demand.
MR/JR
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