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Exclusive: U.S. funds balk in rescue of Italy's Monte dei Paschi - sources

Reuters  |  MILAN 

By Massimo GaiaMILAN (Reuters) - Two U.S. private equity funds have quit talks to buy a mountain of bad loans from ailing Italian lender Monte dei Paschi di Siena, sources said on Friday, dealing a blow to plans to secure a state bailout for the bank.Fortress and Elliott were negotiating to buy some of the 26 billion euros ($29 billion) in bonds that Monte dei Paschi, Italy's fourth largest bank and the world's oldest, must sell to private investors as a condition of the bailout.Fortress and Elliott had backed out of the talks in a dispute over sale terms, said three sources familiar with the ...

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First Published: Fri, June 16 2017. 21:54 IST