ITALY CRISIS: EU Bails Out Italy’s Struggling Bank Monte dei Paschi for a Whopping £4.7BN

• ITALY CRISIS: EU Bails Out Italy’s Struggling Bank Monte dei Paschi for a Whopping £4.7BN
  by VICKIIE OIIPHANT, http://www.express.co.uk/
  ITALY’S failing Monte dei Paschi bank has been granted a whopping £4.7billion bailout from the European Union in the biggest handout since the financial crisis.
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  More than £17.5bn of Italian taxpayer funds has now been sunk into the country’s fourth largest lender in the past week alone. And the world’s oldest bank was forced to turn to the state for a bailout after failing to raise five billion euros on the market to shore up its capital. Outside Greece, Europe has not seen such big state bailouts since the aftermath of the global financial crisis.
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  And the cash injections have raised political concerns about the continued use of public funds to mop up losses at badly run banks despite the introduction of new EU rules designed to prevent this. In a statement on Tuesday, European union state aid regulators said Rome could inject an extra 5.4 billion euros aid into the bank after it agreed to a drastic overhaul. The plan includes the transfer of €28.6bn worth of bad loans to a special vehicle and a salary cap for senior managers.
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