Italian Banks Tumble, Monte Paschi Plunges To Record Low After ECB Letter

by Tyler Durden
ZeroHedge.com
Jul 4, 2016

Italy’s troubled Monte Paschi was halted after tumbling for yet another day to fresh new record lows, while the Italian bank sector tumbled in Milan on Monday amid fresh concerns the country’s lenders are under pressure to raise capital to bolster their finances. This follows a statement by Italy’s third largest bank that the ECB has asked Monte Paschi to reduce its load of soured debt to 14.6 billion euros ($16.2 billion) in 2018 from 24.2 billion euros at the end of 2015.

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