Tuesday

17th Oct 2017

Ticker

EU approves Italian bank rescue

The European Commission agreed "in principle" on Thursday to the Italian state's recapitalisation of the Monte dei Paschi bank. The bank, which is the country's fourth largest, needs almost €9 billion to recover from a massive pile of bad debt. The commission agreed to a bailout with public money, under the condition that the bank undergoes "in-depth restructuring with the purpose of keeping its viability in the long-term".

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