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Prodi's Problems

International Outlook: Global Wrapup


Romano Prodi, chairman of Italy's state-owned IRI, offered his resignation in late May in the face of a $6.4 billion loss, much larger than anticipated. The company continues to wallow in debt, as high as $47 billion, with major losses in its steel and construction units.

The former professor has also clashed with the government of Silvio Berlusconi. Presiding over the privatization of state-run banks, he charged that the Milan-based bank, Mediobanca, which took control of two of the largest banking groups on the block, had gathered too much power. Mediobanca also handles Berlusconi's vast business dealings.

Burger King's Young Buns

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