Meanwhile in Italy the finance ministry was delighted to learn that the Italian Banks had yet to get their heads around these new Special Investment Vehicles, Collateralised Debt Obligations and so on, or, more likely were still filling in the paperwork in order to buy some, and so were largely unscathed. Only one bank, Unicredit, has had a bit of a run on it and Berlusconi has said that that was because it had invested in a German bank.
Delicious.
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