Italy's €17bn bank job: self-preservation at a long-term EU price? | Nils Pratley

The state rescue of Veneto Banca and Banca Popolare di Vicenza raises major long-term worries for the eurozone The European Union authorities seem to be making up the rules on banking bailouts as they go along. The latest Italian example - the winding-up of Veneto Banca and Banca Popolare di Vicenza - drives a coach and horses through the idea that taxpayers must be spared financial punishment, as far as possible, when lenders can't fund themselves. The two banks are being wound down via a deal ...