Italy's oldest bank gets 5 billion euro rescue

sick european banks
Europe’s 2016 stress tests revealed which big banks would struggle in an emergency situation.

Italy’s oldest bank has just clinched a multi-billion dollar rescue after flunking a test of its financial strength.

Banca Monte dei Paschi di Siena announced on Friday night that it had found a “definitive solution” to its legacy of bad loans. It will split them off into a separate entity and raise 5 billion euros ($ 5.6 billion) in new capital.

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