December 23, 2016 / 12:25 AM / 8 months ago

Italian government approves decree to rescue Monte dei Paschi

ROME (Reuters) - The Italian government approved a decree early on Friday that will open the way for the rescue of Monte dei Paschi di Siena (BMPS.MI) after the world's oldest bank failed to win backing from investors for a vital capital increase.

Prime Minister Paolo Gentiloni told reporters his cabinet had authorized the creation of a 20-billion-euro ($21 billion) fund to prop up Italy's embattled banking sector, with Monte dei Paschi expected to be first in line for help.

"Today marks an important day for Monte dei Paschi, a day that sees it turn a corner and able to reassure its depositors," Gentiloni said.

Writing by Crispian Balmer; Editing by Valentina Za

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