Italy’s Monte dei Pasche begs Euro bank for more time to avoid collapse
ITALY has begged the European Central Bank (ECB) for more time to save its most troubled bank, MPS, in the hope of swerving huge losses for savers and pensioners.
By LANA CLEMENTS
Express.co.uk
Thu, Dec 8, 2016
Monte dei Pasche di Siena (MPS) has asked to be given until January to raise about £4.2billion (€5bn) of cash as experts say “no one in their right mind” would plough cash into the lender.
If the ECB turns down the request Italy’s third largest lender could be on course for a state-backed bailout as early as this weekend.
But a taxpayer-backed bank rescue must now coincide with losses for ordinary investors, which would hit Italian savers and pensioners.
The backlash could tip Italy’s fragile banking sector over the edge.
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