The European Central Bank refused to give extra time and of course money to Monte dei Paschi di Siena. The Italian Bank has no more time to raise capital.
Monte dei Paschi Bank has been in business since 1472.
World’s oldest bank asked ECB for extension but this time European Central Bank refused to help.
Monte dei Paschi di Siena Bank was due to complete a 5-billion-euro recapitalization by the end of the year, but executives had asked for an extension until the 20th January 2017, citing difficulties created by the nation’s political crisis after the resignation of Prime Minister Matteo Renzi.
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