Italian banks drop as bailout report shot down

Italy has no plans to defy EU rules by pumping billions of euros of public money into its lenders, and intends to fully respect EU rules, denying an FT report that stated it was ready to bail out its banking system if it came under pressure."Italy has no intention of defying Brussels on the banks. We respect the rules and prefer market solutions for our banks," said a spokesman for Prime Minister Matteo Renzi.