Italy owes $50bn to Britain's banks

Italy's public and private sector institutions owe nearly $50bn to British banks, figures reveal.

The statistics detail Italy's debt to the UK banking sector as the country remains in a political deadlock with no party securing an overall majority in the country's election.

Britain's banks' external exposure stood at $2.7 trillion in June last year, according to the Bank for International Settlements.

Italy's current debt to the UK is less than the $66bn the country owed at the end of 2010.

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Comedian splits Italy vote

Italy appeared to be heading towards another political deadlock after a centre-left coalition narrowly won the lower house but failed to win the Senate. But a protest movement led by comedian Beppe Grillo won 25%