Italy Seeks "Last Resort" Bailout Fund to "Ringfence" Troubled Banks, Meeting Monday; Italy vs. Austria

``As a last resort to ringfence a massive €360bn pile of non-performing loans of Italian banks, Finance minister Pier Carlo Padoan has called for a meeting of minds in Rome on Monday. Padoan seeks a plan reminiscent of the Sareb bad bank structure in Spain, even though that plan blew up several times... officials will attempt to "ringfence" the problem, hoping to "sweep it under the rug" where presumably a "€360bn pile of non-performing loans" will cure itself, eliminating the need for additional bail-ins.''