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To Vitor, the spoils

ECB takes off hair shirt; puts on kid gloves

George Hay 

George Hay The idea that strict European state aid rules should be re-examined has received support from an unexpected place. In a speech on July 7, Vitor Constancio, the European Central Bank vice-president, flagged the risks of a doctrinaire interpretation of European bank reforms that force their creditors to be hit if they get state aid. That's uncomfortably close to Italian Prime Minister Matteo Renzi's recent request for a temporary delay on the same rules. It's possible to see where both men are coming from. Renzi seems reluctant to force losses on Italian consumers. Some of them own ...

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First Published: Fri, July 08 2016. 21:31 IST
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