ROME Dec 22 The Italian cabinet met late on
Thursday to discuss details of a widely anticipated
government-led rescue of Monte dei Paschi di Siena
after the bank failed to raise enough money from private
investors to stay afloat.
Parliament on Wednesday authorised the government to borrow
up to an extra 20 billion euros ($20.9 billion) to prop up
failing banks, starting with the Tuscan lender that for years
has been at the forefront of Italy's banking woes.
Monte dei Paschi said on Thursday it had raised less than
half of the 5 billion euros of fresh capital that it needs by
the end of the year to avoid being wound down by European
authorities.($1 = 0.9578 euros)
(Reporting by Giuseppe Fonte, Writing by Crispian Balmer,
editing by Valentina Za)