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Italian Government prepares decree on rescuing banks?

Italian authorities are ready, if necessary, to allocate 15 billion EUR for recapitalization of troubled banks in the country.

It is reported by Reuters, citing unnamed sources familiar with the situation.

It is, above all, about the salvation of the world's oldest bank Monte dei Paschi di Siena, which has to to attract five billion euros before the end of December at the request of the ECB. For this purpose, the bank plans to start process of replacing the stock of bonds.

On the balance of the eight troubled Italian banks there are 360 billion euros of insolvent loans, including 200 billion euros of hopeless loans. The debt of the Italian central bank before the ECB already made it to 354 billion euros – the highest level among the Eurozone countries.

Source: oko-planet

  • January 9, 2017 4:28 PM MSK
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