Tuesday, July 4, 2017

EC authorizes 5.4 Bn euro precautionary recapitalization of Monte dei Paschi

The European Commission approved on Tuesday the Italian government's plan to proceed with the 5.4 billion euro ($6.1 billion) precautionary recapitalization of ailing bank Monte dei Paschi di Siena.

At the same time, the bank proceeded to write off its non-performing loans from its balance sheet as it undergoes a restructuring.

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