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Italy govt approves millennium bug bill

01:45 p.m Aug 04, 1999 Eastern

ROME, Aug 4 (Reuters) - The Italian cabinet on Wednesday approved a draft law postponing all December 31, 1999 deadlines for transactions via Europe's TARGET settlements system to January 3, 2000.

The bill, proposed by Treasury Minister Giuliano Amato, is a response to an EU finance ministers' request for countries to act to prevent technology problems linked with the millennium date change, the cabinet said in a statement after a meeting.

[snip]

The European Central Bank has decided to close its TARGET system covering the euro zone on December 31 to give banks time to prepare their systems ahead of the date change.

Most EU finance ministers agreed at a meeting in April that financial markets should close on December 31 to minimise the risks posed by the so-called millennium bug.

((Rome newsroom +39-06-8540049, fax +39-06-8540568 rome. newsroom+reuters.com))

Copyright 1999 Reuters Limited. All rights reserved.

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-- Linkmeister (link@librarian.edu), August 04, 1999.