UniCredit's Profumo proposes 20-billion rescue fund

Western EuropeItaly ♦ Published: July 12, 2010; 00:00 ♦ (Vindobona)

Head of Bank-Austria parent UniCredit, Alessandro Profumo, has announced his ambitions for a privately financed € 20 billion heavy rescue fund for troubled European banks.

UniCredit's Profumo proposes 20-billion rescue fund / Picture: © Vindobona.org

The pot should come from voluntary contributions of leading European institutions.

Head of Bank-Austria parent UniCredit, Alessandro Profumo, has announced his ambitions for a privately financed € 20 billion heavy rescue fund for troubled European banks. Such a pot that is fed by voluntary contributions from leading European institutions requires no funding from the EU or its…