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World's oldest bank scrambles to raise 5 bn euros to avert collapse

Italy's third biggest lender Monte dei Paschi di Siena is desperate to pull off a private recapitalisation plan

Monte Dei Paschi Di Siena

Reuters  |  Milan 

Italy's third biggest lender Monte dei Paschi di Siena was scrambling on Sunday to thrash out a last-ditch plan to raise 5 billion euros on the market by year-end after the European Central Bank (ECB) refused to give it more time to recapitalise. The decision by the ECB's supervisory board piles pressure on the Italian government to inject money into the bank but the Tuscan lender on Friday said it would carry on with its own private sector scheme, despite signs of scant investor interest. Rome is ready to intervene with an emergency decree to rescue the bank if needed, ...

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First Published: Mon, December 12 2016. 09:22 IST