EC 'temporary' OK to MPS rescue

Monte dei Paschi di Siena in 3.9-bln-euro recapitalisation

EC 'temporary' OK to MPS rescue

Brussels, December 17 - The European Commission on Monday gave a "temporary" green light to a 3.9-billion-euro recapitalisation of troubled Italian bank Monte dei Paschi di Siena (MPS). MPS, the world's oldest bank and the third biggest in Italy, incurred heavy losses this year and its bonds were downgraded to junk status by Standard & Poor's earlier this month. The government led by Premier Mario Monti has been helping it get back on its feet after a two-billion-euro first-half loss with so-called 'Monti bonds'. photo: MPS Chairman Alessandro Profumo

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