Italy's second-biggest bank, Intesa Sanpaolo, wants to buy the healthy parts of the insolvent Veneto Banca und Banca Popolare di Vicenza for the symbolic price of one euro. The Italian government plans to support the banks with 17 billion euros. Many small investors have put their money into the banks. The way the crisis is dealt with is seen as a test for the EU banking union.
According to Wieland, Italy is "looking for exceptions" to those rules. He warned that such an approach would discourage Germany from supporting any common European protection of deposits.
Reuters: "Italy tries Europe's patience with fumbled Veneto banks' rescue"