Italy prepares bailout of world's oldest bank
The Italian government has asked parliament for approval to borrow €20 billion for a potential bailout of Monte dei Paschi di Siena, the world's oldest bank. The bank needs €5bn in fresh capital by the end of the month, the BBC reports. If it cannot secure a private sector bailout, Italy's government may step in. Italy's new PM Paolo Gentiloni called the request to borrow the sum a "precautionary measure".