Chief Financial Correspondent, Italy, Milan
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Sep 30, 2013
Sep 30, 2013

Exclusive: Vatican Bank likely to close embassy accounts after Iran, Iraq red flags

VATICAN CITY (Reuters) – The Vatican bank is likely to close all accounts held by foreign embassies, following concerns about large cash deposits and withdrawals by the missions of Iran, Iraq and Indonesia, according to people with knowledge of the situation.

The Vatican’s financial watchdog, which examined the transactions in 2011, believed the embassies’ justifications for the transactions were too vague or disproportionate to the amounts — up to 500,000 euros at a time — these people said. In one case, a large cash withdrawal was said to be for “refurbishment”, one person added.

Sep 30, 2013

Vatican Bank likely to close embassy accounts after Iran, Iraq red flags

VATICAN CITY, Sept 30 (Reuters) – The Vatican bank is likely
to close all accounts held by foreign embassies, following
concerns about large cash deposits and withdrawals by the
missions of Iran, Iraq and Indonesia, according to people with
knowledge of the situation.

The Vatican’s financial watchdog, which examined the
transactions in 2011, believed the embassies’ justifications for
the transactions were too vague or disproportionate to the
amounts — up to 500,000 euros at a time — these people
said. In one case, a large cash withdrawal was said to be for
“refurbishment”, one person added.

Sep 30, 2013

Investors fret over Italian political uncertainty

MILAN, Sept 30 (Reuters) – Investors shunned Italian
government bonds and shares on Monday after Silvio Berlusconi
pulled the rug from under Prime Minister Enrico Letta’s frail
coalition government by ordering five centre-right ministers to
quit.

Berlusconi’s decision, which comes as the media tycoon is
facing eviction from parliament after a tax fraud conviction,
has left the euro zone’s third-largest economy without a
functioning government.

Sep 30, 2013
Sep 30, 2013

Italian political turmoil hits shares, bonds

MILAN (Reuters) – Italian government bonds and shares dived on Monday after Silvio Berlusconi pulled the rug from under Enrico Letta’s coalition government by ordering five center-right ministers to quit.

Berlusconi’s decision, which comes as the media tycoon is facing eviction from parliament after a tax fraud conviction, has left the euro zone’s third-largest economy without a functioning government.

Sep 29, 2013
Sep 28, 2013
Sep 28, 2013
Sep 28, 2013
    • About Lisa

      "I have been a correspondent for 13 years, reporting on banks, financial regulation and EU politics from London, Brussels, Zurich and Milan. I have also written about a variety of business sectors, general news, the arts and sport. As Chief Financial Correspondent for Italy, I keep a close eye on top Italian business stories, particularly Fiat and banking."
      Joined Reuters:
      1998
      Languages:
      English, Italian, French, German, Dutch, Spanish
      Awards:
      2010 Reuters Star Performer Award
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