Monte Paschi’s 544-Year Journey From the Renaissance to Rescue
- World’s oldest bank first in line for Italian state bailout
- Bank unable to overcome derivatives deals that masked losses
Monte Paschi Abandons Plans to Raise Funds Privately
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The world’s oldest bank has finally run out of time.
On Friday, the Italian government said it will plow as much as 20 billion euros ($21 billion) into Banca Monte dei Paschi di Siena SpA and other banks after the storied lender failed to raise money from private investors.