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Italy's Monte dei Paschi to press ahead with private rescue plan-source
December 11, 2016 / 9:02 PM / 9 months ago

Italy's Monte dei Paschi to press ahead with private rescue plan-source

MILAN, Dec 11 (Reuters) - Ailing Italian bank Monte dei Paschi di Siena will press ahead with a last-ditch 5-billion euro privately-funded rescue plan after the European Central Bank refused to give it more time to raise the money, a source close to the matter said.

The source said the 11th-hour plan involved reopening a debt to equity swap offer to retail investors and a private placement of shares in the lender on the market.

Reporting by Silvia Aloisi

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