Italian banks have €360 Billion in non-performing loans. They have another €180 Billion or so in troubled loans that are late just some of the time.

To address the problem, the Italian banks came up with "whopping" €5 Billion recuse fund dubbed "Atlas".

The deal was at gunpoint, just as happened in the US when then Treasury Secretary Hank Paulson told banks what they would do.

Please consider Italy Agrees €5bn Fund to Rescue Weaker Lenders.

I highlighted key phrases in italics.