December 9, 2016 / 1:27 PM / a year ago

No time, investors for private rescue of Monte dei Paschi by year-end - source

MILAN, Dec 9 (Reuters) - A consortium of investment banks that must decide whether to underwrite a privately-backed 5-billion euro rescue plan for Monte dei Paschi di Siena believes there is not enough time and no willing investors to execute the deal by a year-end deadline, a source said on Friday.

Another source told Reuters earlier that the European Central Bank had rejected a request by the ailing lender for more time to raise capital, in a move that piles pressure on the Italian government to bail out the bank. (Reporting by Paola Arosio, writing by Agnieszka Flak; editing by Silvia Aloisi)

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