Italy bails out two banks for 5.2bn euros

Italy's government is bailing out two banks in the Venice region at a cost of 5.2bn euros (£4.6bn; $5.8bn). The move comes two days after the European Central Bank warned that Banca Popolare di Vicenza and Veneto Banca were failing or likely to fail. The banks' "good" assets will be taken on by Intesa Sanpaolo banking group.

http://www.bbc.com