MPS under pressure amid M5S-League plan to change mission

Stock loses another 4% after shedding 8.8% on Friday

MPS under pressure amid M5S-League plan to change mission

Rome, May 18 - Monte dei Paschi di Siena (MPS) stock came under renewed pressure on Friday after the 5-Star Movement (M5S)/League government contract talked about changing the mission of the bank. Furthermorem the economic pointman of the righwing populist League, Claudio Borghi, said that the lender CEO's should change and it should remain public after a government bailout last year. MPS's share price dropped 4.28% to 2.79 euros in early trading on Friday after shedding 8.8% on Thursday. Borghi told La Stampa that he did not regret his comments in an interview published Friday adding that the idea is to nationalize MPS and change its governance. Outgoing Economy Minister Pier Carlo Padoan said Borghi's words on MPS were "serious" and savings were at risk. He said the government contract had caused a crisis of confidence and public money had been jeopardised.

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