Pastures new: A state bail-out of Monte dei Paschi draws near
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A state bail-out of ailing Monte dei Paschi draws near
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Pastures new?
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Italian banks
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Pastures new
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Not the world’s oldest customer
Not the world’s oldest customer
HELP is at hand for the world’s oldest bank. On June 1st the European Commission said it had agreed in principle to a bail-out by the Italian government of Monte dei Paschi di Siena, founded in 1472. For years Monte dei Paschi, Italy’s fourth-biggest bank by assets, has lurched from crisis to crisis. Last July it flunked a test by European supervisors of its capital strength. In December a private-sector restructuring scheme came to naught and the state decided to step in.
The details, including the size of the ...