September 30, 2016 / 6:16 AM / in a year

Italy's economy minister says Monte Paschi rescue plan will work

MILAN, Sept 30 (Reuters) - The plan put together by JP Morgan and Mediobanca to save Italian bank Banca Monte dei Paschi di Siena is well designed and will be a success, the country’s economy minister said in a newspaper interview on Friday.

“I am absolutely confident it will work,” Pier Carlo Padoan told La Stampa daily.

The minister also said the Sept. 30 deadline to sell four small banks that Italy rescued in November last year would be extended.

Reporting by Stephen Jewkes

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