July 6, 2016 / 9:25 AM / 3 years ago

Italy plans no immediate measures to support Monte Paschi - Treasury official

A man walks in front of the Monte dei Paschi bank in Siena, central Italy, January 29, 2016. REUTERS/Max Rossi

ROME (Reuters) - Italy is not planning any immediate measure to prop up stricken Banca Monte dei Paschi di Siena (BMPS.MI), a Treasury undersecretary said on Wednesday.

The day after Italy’s market watchdog banned short-selling on the stock after it fell more than 30 percent in two trading sessions, Treasury Undersecretary Pier Paolo Baretta said in an emailed statement:

“No intervention is expected in the coming hours. We are monitoring the situation as agreed with the European Union.”

Monte Paschi, the world’s oldest bank, is among the sickest on a roster of weak banks whose pile of bad debts and capital shortfalls are sending shockwaves across Europe.

Reporting by Massimiliano di Giorigo, writing by Isla Binnie

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