The world's oldest bank has almost run out of money...
By Samuel Gee, News Editor
22 Dec 2016
After failing to raise a necessary $5.2 billion in share capital, Banca Monte dei Paschi di Siena SpA are set to be taken over by the Italian government in potentially Italy’s largest bank nationalisation since the 1930s.
Despite some interest, the troubled bank has failed to find a buyer in recent months, with the prospective suitors insistent on the bank being able to raise 1 billion euros prior to any further investment on their part.
With the bank’s liquidity shrinking at an alarming rate, a state bailout seems to be its only hope of survival. Monte dei Paschi claimed earlier this week that it is on course to run out of money within four months, an event that would be disastrous for the Italian economy.