December 23, 2016 / 12:21 AM / 3 years ago

Italian govt approves decree to rescue Monte dei Paschi

ROME, Dec 23 (Reuters) - The Italian government approved a decree early on Friday that will open the way for the rescue of Monte dei Paschi di Siena after the world’s oldest bank failed to win backing from investors for a vital capital increase.

Prime Minister Paolo Gentiloni told reporters his cabinet had authorised the creation of a 20-billion-euro ($21 billion) fund to prop up Italy’s embattled banking sector, with Monte dei Paschi expected to be first in line for help.

“Today marks an important day for Monte dei Paschi, a day that sees it turn a corner and able to reassure its depositors,” Gentiloni said. (Writing by Crispian Balmer; Editing by Valentina Za)

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