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Italy set to put in around 6.5 bln euros to salvage Monte Paschi -sources
December 27, 2016 / 9:51 AM / in 10 months

Italy set to put in around 6.5 bln euros to salvage Monte Paschi -sources

ROME/MILAN, Dec 27 (Reuters) - The Italian government is likely to have to put in around 6.5 billion euros ($6.79 billion) to rescue Monte dei Paschi di Siena, three sources close to the matter said on Tuesday.

An additional 2-2.3 billion euros will come from the conversion of subordinated bonds held by institutional investors.

The European Central Bank has told the bank its capital shortfall has risen to 8.8 billion euros, from 5 billion euros indicated previously, the bank said on Monday. ($1 = 0.9571 euros) (Reporting by Stefano Bernabei and Silvia Aloisi; editing by Agnieszka Flak)

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