Italy’s Banking Money Pit Gets Deeper After Draghi’s Sale Fails
- Troubled Monte Paschi becomes Italy’s latest ‘zombie firm’
- Draghi’s administration may inject another 3 billion euros
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Banca Monte dei Paschi di Siena SpA has burned through about 18 billion euros ($21 billion) of taxpayer and investor cash since 2008, and there’s still no fix in sight.
Fears in Italy are growing that the world’s oldest bank will become an even deeper money pit for Prime Minister Mario Draghi’s administration after talks to sell the troubled lender to UniCredit SpA collapsed over the weekend.