Renzi ready to challenge Bruxelles to save Italian banks

Italy is ready to challenge the European Union and unilaterally injected billions of euro in its banking system in trouble if you were to record serious systemic tensions. An article in today's front page of the Financial Times, citing several anonymous sources between officials and bankers, said that Matteo Renzi, President of the Italian Council, is determined to intervene with public funds if needed despite warnings from Brussels and Berlin on the need to respect the rules stipulate that banks should be saved from creditors rather than by taxpayers.

After that some of his proposals were rejected, reports the Financial Times, Rome is considering the possibility of acting alone. "We want to do everything you need (to defend the banks), and do not rule out acting unilaterally although it would be merely a last resort," said a source close to the thoughts of the government. The EU officials fear that any kind of Italian intervention would involve high risks opening a battle over illegal state aid to turn away private investors.