Italy Seeking 20 Billion Euros to Save Banking Sector

Posted by Nick Buenaventura on Dec 20, 2016 10:35:00 AM

Italian government has decided to request approval from parliament for a 20 Billion Euro bail-out to stabilize its banking sector. A priority of this capital raise will be to bail-out the world's oldest bank and number three lender, Banca Monte dei Paschi di Sienna (IT: BMPS). In the beginning of December, BMPS, was in the news as it sought out 5 Billion Euros in order to cover debts and to dispose of toxic loans. Prior to the government meeting, BMPS, had formally attempted to raise the needed capital injection from private investors to avoid government intervention. The bank would need to secure the funds from private investors prior to the end of the year to avoid action from the government.

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Topics: bonds, BMPS, Distressed Debt

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