By Franco Debenedetti and C.A.Carnevale Maffè

Sir, The deal for helping Italian banks sell off the huge stock of troubled loans satisfies Brussels, because it is not state aid, and therefore is, as you say, at best a half-baked solution. Instead of the “Italian job”, as Martin Sandbu has described it (Free Lunch, FT.com, January 27), we have proposed the “Great Swap”.

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