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Italy: Monte Paschi submits plans to obtain $5.5B bailout

 |  November 11, 2013

The European Commission has reportedly received Italian bank Monte dei Paschi di Siena’s formal restructuring plan, which the Commission will need to approve for the bank to receive about $5.5 billion in bailout aid.

The Commission confirmed the bailout plan, which EU regulators now need to approve. The authority did not disclose, however, how long it would take to rule on the plans.

According to one source, the European Commission is said to intend a “very quick” approval for the restructuring.

Full Content: Reuters

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