Berlusconi vows to save Parmalat

ITALIAN Prime Minister Silvio Berlusconi has said his government will save food group Parmalat, which has revealed a €4 billion hole in its accounts in a scandal reminiscent of the bankruptcy of Enron.

As prosecutors launched a fraud investigation, a new emergency management team at the global dairy firm was working on a rescue plan which an industry source said would include a request for protection from creditors.

Mr Berlusconi told reporters the Economy Ministry was working on plans to “preserve the industrial part of Parmalat which...is part of the country’s wealth”.