Italy to pay up to 17 bn euros to save two troubled banks: govt

Italy to pay up to 17 bn euros to save two troubled banks

Italy will pay up to 17 billion euros ($19 billion) to rescue two Venetian banks that are facing bankruptcy, the government said Sunday.

"The total resources mobilised could reach a maximum of 17 billion euros -- but the immediate cost to the state is a little more than five billion," said Finance Minister Pier Carlo Padoan.