ROME - THE Italian government has put together a rescue package worth to shore up the country's financial system. The move on Monday was part of a coordinated European effort.

Finance Minister Giulio Tremonti told reporters on Monday that the package would be worth 'as much as necessary,' but that Italy was not earmarking a specific amount as other countries announcing similar measures. Italy also did not announce a cap.

The government last week approved two emergency measures to restore financial stability. It pledged to earmark state money to guarantee bank deposits up to euro103,000 (S$206,561) if necessary. And the government said it was prepared to recapitalise banks by buying up preference shares without voting rights. -- AP