#monte paschi

What else could go wrong for the Banks of Italy?

We are overdue a look at the state of play for an old and familiar friend. Except it is the sort of friend written about by Paul Simon.

Hello darkness, my old friend I’ve come to talk with you again

It has been like a game of snakes and ladders except without the ladders. Ironically the Deputy Governor of the Bank of Italy chose March 18th as the day to rebut this. Yes the day central bankers…

Prime News: Italy backs $21 billion financing for distressed lenders

Seeking to shore up the banking industry, Italy’s parliament authorized a legislation appropriating around €20 billion ($21 billion) funding into Banca Monte dei Paschi di Siena SpA and other distressed banks. The lower house approved the measure Thursday, which includes cash injections for distressed lenders as per state aid rules and emergency liquidity assurances. The decree law was backed by…

Prime News: Eurogroup head says bail-in first before state support for Monte Paschi

A spokesperson for Eurogroup President Jeroen Dijsselbloem said Friday there must first be a bail-in for Banca Monte dei Paschi di Siena before the embattled bank can secure a state assistance. The official added those are the rules in the bloc. Italian Prime Minister Paolo Gentiloni earlier announced the cabinet backed a €20 billion ($21 billion) bailout fund to help distressed institutions,…

Monte Paschi Private Bailout On Edge Of Collapse As "Potential Anchor Investors Balk"

On Sunday, when we previewed the latest last-ditch effort to rescue Italy’s third largest bank when Monte Paschi launched a 4-day attempt to sell €5 billion in equity to anchor and retail investors, we said that “in the otherwise quiet pre-Christmas week, all eyes will be on Monte Paschi, and…