European Commission approves Monte dei Paschi recapitalisation

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The European Commission (EC) has given formal approval to a “precautionary recapitalisation” of the troubled Italian commercial bank Monte dei Paschi di Siena (MPS), worth up to €9.7 billion ($11 billion).

The recapitalisation will combine an injection of €5.4 billion of Italian state aid with €4.3 billion from a bail-in of junior bondholders and a dilution of the value of existing shareholders. MPS had also sold off some of its activities to raise private capital of €0.5 billion, the

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