Posted by: youngragingbull | January 28, 2013

Word on the Street: Bank of Italy approves bailout for oldest Italian bank

Over the weekend, Italy’s central bank approved a bailout request for 3.9 billion euros ($5.3 billion) from a bank hit by a trading scandal, according to media reports.

Banca Monte dei Paschi di Siena SpA, the oldest- and third-largest lender in Italy, earlier last week said it faced costs of roughly 720 million euros stemming from loss-making derivatives trades, according to the Associated Press.

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