EU approves Italy's plan for two struggling Venetian banks

Italy rules out 'bail in' for investors in Veneto banks rescue

The European Commission swiftly approved Italy's plans, announced Sunday, to break up two ailing Venetian banks using state funds.

"The European Commission has approved, under EU rules, Italian measures to facilitate the liquidation of BPVI and Veneto Banca under national insolvency law," the EU's executive arm said in a statement.