Feb. 1 (Bloomberg) -- European Central Bank President Mario Draghi “saved” European lenders from possible nationalization by offering them unlimited three-year loans, Telecom Italia SpA Chairman Franco Bernabe said.
“Draghi saved the European banking system, which was heading straight toward nationalization,” Bernabe told reporters at a book presentation in Milan today.
The ECB provided 489 billion euros ($645 billion) in three- year cash to banks on Dec. 21, and will offer funds at that maturity again on Feb. 28. The coming refinancing operation “will make the companies’ financing system more liquid,” Bernabe said.
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