Italy OKs taxpayer bailout to save world’s oldest bank

‘The Italian government has approved a bailout plan to rescue the country’s struggling banks with the country’s troubled lender Monte dei Paschi di Siena (MPS) likely the first in line to receive state aid.
The move that was adopted in the early hours of Friday in an emergency cabinet meeting could lead to the creation of a €20 billion fund to help troubled banks.
It came shortly after MPS – considered as the world’s oldest surviving bank – said it had failed to raise enough funds to bring in private capital.
The bank had needed to raise €5 billion from private investors and had earlier announced that it would request a capital injection from the state to stay afloat.’
Read more: Italy OKs taxpayer bailout to save world’s oldest bank