Italian PM: Govt approves decree aimed to support fragile banks
|Italian Prime Minister Paolo Gentiloni is hitting the wires, via Reuters, announcing that Italian government approved a decree aimed to support fragile banks. Gentiloni adds that govt is working on ways to help Monte Dei Paschi.
Also, Italy Economy Minister Pier Carlo Padoan said that he expects Monte Dei Paschi will request help and stated that there will be an industrial plan for Monte Dei Paschi that "will have to be approved by the European Union". "Monte Dei Paschi rescue will take form of preventative recapitalisation, junior bonds will be converted into shares", Padoan adds.
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