December 22, 2016 / 4:33 PM / 9 months ago

Italy cabinet to meet on decree to bail out Monte Paschi: sources

A man walks on a logo of the Monte Dei Paschi Di Siena bank in Rome, Italy September 24, 2013. REUTERS/Alessandro Bianchi/Files

ROME (Reuters) - Italy’s government will meet late Thursday or early Friday before European markets open to discuss an emergency decree to bail out troubled bank Monte dei Paschi di Siena, sources familiar with the matter told Reuters.

The salvage of Monte dei Paschi (BMPS.MI) would be part of a 20 billion euro ($20.92 billion) safety net that Prime Minister Paolo Gentiloni plans to set up beneath the banking industry.

Gentiloni said on Thursday the cabinet would meet on Friday to discuss measures to help Italy’s under-developed southern regions. He did not mention the banking decree, leaving open the door on a late-night meeting on Thursday.

Reporting by Stefano Bernabei, writing by Gavin Jones; Writing by Crispian Balmer

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