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ECB cannot come to Italy's rescue without EU bailout: sources
The European Central Bank won’t come to Italy’s rescue if its governments or bank sector run out of cash unless the country secures a bailout from the European Union, five senior sources familiar with the ECB’s thinking told Reuters. Italy has seen its borrowing costs surge on financial markets since its new government unveiled plans to increase its budget deficit late last month, defying EU rules and reawakening concerns about its huge pile of public debt. The sources, present an economic summit in Indonesia, said Italy could still avoid a debt crisis if its government changed course but should not count on ... (full story)