The world's oldest bank can use state money to be saved if it makes changes to be profitable, the commission said (Photo: Chad Palomino)

Italy reaches EU deal on failing bank

Green Economy

by Eszter Zalan, Brussels,

The European Commission and Italy agreed on a draft plan to save the troubled Monte dei Paschi di Siena (MPS) bank, the bloc's executive said on Thursday (1 June).

EU competition commissioner Margrethe Vestager and Italy's finance minister, Pier Carlo Padoan, agreed "in principle" on the steps to restructure the bank by injecting state capital.

The bank, weakened by massive amounts of debt, needs some €9 billion in fresh capital and the Italian government will contribute to the b...

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Green Economy

Author Bio

Eszter Zalan is a Hungarian journalist who worked for Brussels-based news portal EUobserver specialising in European politics, focusing on populism and Brexit.

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