Italy paves way for a $21 billion rescue plan for ailing banks - BBG

Bloomberg posts fresh updates on the Italian banking rescues plans, now noting, “ The Italian government cleared the way for the potential rescue of lenders, including Banca Monte dei Paschi di Siena SpA, by seeking permission from parliament to increase the nation’s public debt by as much as 20 billion euros ($21 billion).“

“A failure of ongoing Monte dei Paschi’s recapitalization would be a blow to Italy’s stuttering efforts to revive a banking industry that’s burdened with about 360 billion euros in troubled loans, dragging down the economy by limiting lending”, Bloomberg adds.