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Report: Padoan to keep post as Italian economy minister

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Report: Padoan to keep post as Italian economy minister

Pier Carlo Padoan will continue as economy minister in the new Italian government being assembled by Prime Minister-designate Paolo Gentiloni, a move aimed at reassuring jittery markets, Reuters reported Dec. 12, citing a political source.

Two of Italy's major banks are striving to raise capital in the tense market environment that has dominated since the Dec. 4 referendum defeat of constitutional reforms proposed by Prime Minister Matteo Renzi, who resigned three days later.

Long-troubled Banca Monte dei Paschi di Siena SpA said over the weekend of Dec. 10 that it would take a final shot at completing a €5 billion private recapitalization in the hopes of averting a state rescue, while UniCredit SpA is poised to unveil a multibillion-euro cash call at a Dec. 13 investor day.

Elsewhere in the new cabinet, slated to be announced later Dec. 12, Interior Minister Angelino Alfano will replace Gentiloni as foreign minister, the report added.