Italy: Righting the wrongs
The collapse of Parmalat in 2003 and the subsequent exposure of its financial wrongdoings tarnished the image of Italian financial services on a global scale. Giulia Battaglia and Nicola Cozzi look at the steps the Government has taken to get the industry back on track
Following the scandalous bankruptcies of Parmalat and Ciro in 2003, and the consequent discontent among Italian retailers that had invested in the bonds issued by the Ciro and Parmalat group companies, the Government and the main financial authorities launched a discussion on comprehensive reform of Italian legislation governing savings, investor protection and markets/banking supervision.
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