Administrators called in for troubled Italian bank
MILAN (AP) - Temporary administrators were appointed to lead Italy's 10th largest lender, the struggling Carige, as part of a plan to avoid yet another bank bailout in the country.
The decision to appoint administrators was taken by the European Central Bank, which regulates banking in the eurozone. It followed the resignation of the bank's board majority after a failed capital-raising exercise. Italy's market regulator suspended trading in the bank's shares for the day.