Italy will spend much less than budgeted in public funds on Carige

ROME:  The public funds that will be used to help shore up Banca Carige will be to be significantly less than the amount actually budgeted by the government, Italy's undersecretary at the Economy Ministry said on Wednesday.

Italy's populist government has set up a 1.3 billion euro fund to support troubled Carige after the European Central Bank last week put the Genoa-based bank under temporary administration.

"I think much less than what has been prudently earmarked but I can't say any more," Massimo Garavaglia said on state TV Rai.