The European Central Bank rejected Monte dei Paschi di Siena`s request for more time on growing its capital

The European Central Bank rejected Monte dei Paschi di Siena`s request for more time on growing its capital

By: Simon Furman | Where To Trade | On:Friday, 9 December 2016
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  The European Central Bank rejected Monte dei Paschi di Siena's request for more time on growing its capital, according to some sources. The rejection pressures the Italian government to abnegate the Italian lender. 

Monte dei Paschi di Siena is Italy's third-largest lender and the oldest in the world. 

The bank asked a three-week extension to give back a debt of 5 billion euros, until the 20 of January. Monte dei Paschi di Siena asked for the extenstion in order to save the image and raise the chances to come back from Italy's political uncertainty. 

But the European Central Bank turned down Monte dei Paschi di Siena's request in a meeting on Friday, saying that an extend will be more of a waste of time than a help and added that Rome should intervene soon. 

The Italian government is expected to do so in order to recapitalize the bank and reduce the chances of being injured. Considering the fact that Monte de Paschi's ill success influenced and threatened the business life of investors and provoked a financial crisis in the euro-zone, a Rome intervention is more than necessary, the experts say. 

Italy soon to be faced with early elections and anti-euro party coming to power after Prime Minister Matteo Renzi handed his resignation. 
Prime Minister Matteo Renzi had a great defeat in a constitution reform referendum. 

 

Simon Furman

Simon Furman

Think Global - Act Local

Simon Furman is one of the best financial analyst with 27 years of trading experience

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