Italy planning €50bn asset sale

Italy's government is planning to sell assets worth up to 50 billion euros ($65 billion) to the Cassa Depositi e Prestiti to reduce the country's huge public debt, an Italian daily reported on Monday. "The main idea, even though nothing has been decided yet, is the purchase of stakes held by the economy ministry by the Cassa Depositi e Prestiti," which is 70-percent owned by the state, the Corriere della Sera report said. The report said the "the state could sell off stakes worth up to 50 billion euros" and was already looking at holdings including Fintecna, which holds the naval shipyard giant Fincantieri and export credit company Sace. The sale would allow the state to reduce its public debt of around 1.9 trillion euros or 120 percent of Italy's gross domestic product.