Italy govt bides time over court bank-loan ruling

Italian Treasury minister Vincenzo Visco said on Thursday the government had yet to decide what action to take after the Supreme Court ruled banks should refund loan interest payments amounting to billions of euros.

Bank of Italy governor Antonio Fazio warned the government this week that if the Supreme Court ruling were to be applied, it could cost foreign and domestic banks between 15 trillion and 50 trillion lire ($6.8-23 billion).

The Supreme Court said last month that after considering a 1996

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