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Desperate to get the lira back into the ERM so as to preserve Italy's self-destructive desire for euro entry, the Banca d'Italia kept interest rates high, depressing investment and deterring a restructuring of an often-antiquated industrial base in Italy. To finance the deal - which has still to be formally approved by the Italian bank regulator, Banca d'Italia and the Italian stock market regulator, Consob - BNPP plans to issue core and hybrid capital. The credit quality of Banca d'Italia (AAA/Stable/A-1+) as |
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