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Italy Seeks to Borrow 20 Billion Euros to Prop Up Banking Sector

The Italian government decided Monday to seek parliamentary approval to borrow 20 billion euros to underwrite the stability of its wobbly banking sector, starting with a likely bailout of No. 3 lender, Monte dei Paschi di Siena, as early as this week. Monte dei Paschi, recently judged the weakest of the European Union's major banks, needs to dispose of a mountain of bad loans and raise 5 billion euros in capital by the end of this month or else face the risk of being wound down by the...

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