* Italy Bank Lobby Eyes Basel III Relief to Lend to Small Firms

Italian banks and industrial lobbies plan to ask for regulatory changes and exemptions to protect smaller companies in a time of increasingly tight credit conditions. The country’s banks and companies are drafting a proposal that “set up a corrective mechanism that limits the risks of a credit drought for small and medium-sized companies, which form the backbone of the Italian and European economy,” Giovanni Sabatini, managing- director of ABI, the Italian Banking Association, said at a conference on the Basel III regulations. “Rules are good, but they need to be in synch with the needs of the real economy,” Sabatini said. Italian bankers privately agree that the Basel III rules, while aimed at bolstering capital bases and risk-management systems, will lead to credit rationing for smaller firms.

* Angelina Jolie Observes World Refugee Day in Italy

To celebrate World Refugee Day on June 20, Angelina Jolie traveled to the Italian island of Lampedusa with the UN’s High Commissioner for Refugees. There, she was shown how refugees are processed by staff on the island. Later, she participated in a ceremony at Lampedusa’s memorial for migrants lost at sea to commemorate the June 20 event dedicated to raising awareness about the situation of refugees around the world. “You cannot imagine what you represented to all those people this year who were looking desperately for help,” Jolie said to the crowd

* Italy Signs Migration Agreement with Libyan Rebels

Italy has signed an agreement with the Benghazi-based Libyan National Council aimed at stemming the flow of migrants to Italy. The deal is similar to the agreement which had previously existed with the Gaddafi government and provides for the immediate repatriation of migrants rescued at sea - known as push back. The United Nations High Commission for Refugees has slammed the accord, arguing that people seeking asylum won’t have proper protection. The Italian foreign ministry said the agreement provides for an exchange of information on groups organising human trafficking, including the falsification of documents. Italy has received some 30,000 migrants since the upheaval in Italy started. Malta received another 1,500.