Italy passes decree to speed up recovery of bad loans | Reuters

ROME Italian Prime Minister Matteo Renzi's government on Friday passed a decree to speed up the recovery of unpaid credit in a banking system saddled with billions of euros in bad loans.

Italy's lenders have some 360 billion euros ($410 billion) in bad loans on their books, which could take years to recoup, but the decree aims to accelerate the process in the future.

"This will reduce the time it takes to recoup credit from six to eight years to six to eight months," Renzi told reporters after the decree was passed.

"This decree aims to resolve... definitively