A delay to vital fundraising at Banca Monte dei Paschi di Siena (BMPS.MI) has increased the risk that Italy's third-biggest bank has to be nationalized, a move the government would like to avoid. The bank's chairman and its chief executive may resign following the unprecedented clash with the main shareholder in the Siena-based lender, a charitable banking foundation with close ties to local politicians. The focus of attention now turns to Rome where both the economy ministry, which has oversight of banking foundations, and the Bank of Italy are closely following events. The capital increase is part of a tough restructuring plan agreed with the European Commission in order to receive clearance for the state bailout.
via Business News - Yahoo Finance http://finance.yahoo.com/news/monte-paschi-faces-nationalization-threat-000231102.html
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