ECB Says Monte Dei Paschi Needs EUR 8.8 Bln Bailout

The European Central Bank said the troubled Italian lender Monte dei Paschi di Siena needs about EUR 8.8 billion, or $9.2 billion, bailout. It was previously estimated that the world’s oldest surviving bank required EUR 5 billion to deal with a capital shortfall. The lender failed to raise the amount within the time provided by the ECB.

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