Italian bank fears expected to grow after debt downgrade

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Pressure on reserves could trigger crisis as government official issues warning

Fears that Italy’s banks face a black hole in their finances are expected to grow this week following a debt downgrade that could send the value of bank reserves plummeting.

Despite efforts to shore up Italian banks’ reserves, a downgrade by the ratings agency Moody’s on Friday following a row between Rome and Brussels over the government’s budget could send them into freefall again.

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