BlackRock backs out of Carige recap, raising bailout fears

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By Aidan Gregory
09 May 2019

US fund manager BlackRock has pulled the plug on a rescue deal for ailing Italian bank Carige, setting the stage for a difficult political argument over whether to approve yet another costly government bailout.

In a statement on Thursday, Genoa-based Carige said that BlackRock had decided not to pursue its initial expression of interest further. It declined to give a reason.

Carige added that it is exploring alternative market solutions and may apply to the Ministry of Economy for a precautionary recapitalisation. ...

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