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Italy to bail out Monte dei Paschi in Xmas cheer for savers

Monte dei Paschi, the world's oldest bank, said it had failed to raise five billion euros ($5.2 billion) from the markets to shore up its capital baseItaly on Friday approved a state-funded rescue of the world’s oldest bank, Monte dei Paschi di Siena (BMPS), in a bid to shore up the country’s beleaguered financial system. The rescue plan will come as a relief for investors in Italy’s third largest bank but it is also fraught with political and economic complications for a centre-left government preparing for an election in the next 15 months. A cabinet meeting that concluded in the early hours issued a green light for the cash-strapped state to come to the rescue of stricken BMPS.

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