ROME - 'Those who try to exploit the death of people make me sick. We will not be your friends’, said Prime Minister Matteo Renzi, in response to the ongoing bank scandals. Bondholders have been left bereft after the rescue of the four troubled banks, Banca Marche, Banca Etruria, CariFe and CariChieti, which were all saved on Nov. 22. One bondholder, Civitavecchia pensioner Luigi D'Angelo, even committed suicide as a result of the scandal on  Nov. 28.

  "The cases of the 4 most exposed banks are estimated at 1,010 small investors (people with less than 100,000 Euros of savings in the bank) with a concentration of subordinated bonds of half of their assets. The value of these bonds amounted to 27 million euros.”

   "You cannot rule out that the four (rescued) banks sold subordinated bonds to people who presented a risk profile incompatible with the nature of these bonds, but this is what should be verified with the analysis of each individual position,” said Minister of the Economy Pier Carlo Padoan. 

  However, he then went on to praise Bank of Italy and Consob, saying that “Our trust and confidence in the leadership of the Bank of Italy and Consob has been absolutely confirmed. Our banks are solid: they are the backbone of the economy, more so after the intervention of the government.”

  The government "deems it possible to map out an intervention compatible with the EU discipline on State aid" in compensating the bereft bondholders of the four rescued banks. "Assessments are ongoing with the European Commission".