Posted AT 11:48 PM EST on 11/11/08
Italy squeezed as banks struggle, government fiddles
ROME — Italy's hopes that it could skirt the worst of the financial crisis were dashed Tuesday when the country's biggest bank,
Intesa Sanpaolo, eliminated its dividend, triggering a broad selloff in the Italian markets.
The surprise elimination of the cash dividend, designed to bolster Intesa's capital base after worse than expected quarterly results, sent Intesa shares down 16.5 per cent, to €2.53 ($3.82).
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