Hello, I'm Simon Long, the Economist's Finance and Economics Editor, and this is Money Talks.

Later in the programme, it's the iPhone's 10th anniversary.

So what's next in store for Apple?

When augmented reality is integrated into the iPhone,

it's quite possible and likely that people will upgrade.

And we hear from the OECD's chief economist Catherine Mann

about helping workers made jobless by globalization.

Why you lost your job isn't really the point.

It's like you did lose your job.

And so how do our programs having to do

with job loss how do they work in general

but to start yet more casualties in the Italian banking system.

After the European Central Bank decided that banker popularity Vicenza and Venetto banker were both failing, Italy's government has been forced

to bail them out at an eventual cost of as much as 17 billion euros, that's $19 billion.

So a decade after the financial crisis, Italy's banks are stonled out of the woods.

They're reported to be carrying bad loans worth an estimated 350 billion euros, that's a third of the Eurozone's total bad debt. I'm joined now from

Milan by the Economist's finance reporter Alexander Fattel. Firstly, could you just describe

simply as possible what this deal involves?

What is the bailout look like?

Basically the Italian government has decided to split the two banks, good assets and bad assets.

So the good assets will be sold for a token

1 euro to in Teza, San Paolo, which is Italy's second biggest bank.

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