ITALY CRISIS: Monte dei Paschi to get staggering €20BN government bailout

ROME must hand Italy’s oldest lender Monte die Paschi di Siena (MPS) a controversial bailout or face a financial crisis that could destroy its economy and the eurozone.

The troubled bank is teetering on the edge of a full-scale meltdown after failing to raise £4.2billion from private investors in a last-ditch effort to survive without state intervention.

To stop panic ripping through Italy’s banking system, the government is now set to inject €20bn (£17bn) into the most vulnerable lenders. Continue reading