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Monte Paschi Abandons Plans to Raise Funds Privately
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The silence was deafening.
On the afternoon of Dec. 9, Marco Morelli, chief executive officer of Banca Monte dei Paschi di Siena SpA, was preparing for a board meeting in the lender’s Belle Epoque-era offices in Milan when the news hit: the European Central Bank had rejected his bid for more time to raise the 5 billion euros ($5.2 billion) needed to stay afloat.