The Italian government agreed on Friday (23 December) to bail out Monte dei Paschi di Siena, after the world’s oldest bank failed to raise €5 billion from private investors.
Paolo Gentiloni, Italy’s new prime minister, said during the night after an extraordinary cabinet meeting that the government would be tapping into a €20 billion fund that had already been approved by the parliament earlier this week.
Monte dei Paschi, which had raised just €2.5 billion in private funds, had a...
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Eszter Zalan is a Hungarian journalist who worked for Brussels-based news portal EUobserver specialising in European politics, focusing on populism and Brexit.