Rome
End of the game or a bluff?
The endless sinking of "the oldest bank in the world", Monte dei Paschi di Sienna, alias MPS, is experiencing a resounding new episode that is shaking all the Italian finance.
In July 2017, before contributing 5.4 billion to the MPS bank, the Italian state made a commitment vis-à-vis Europe to resell on the market before the end of 2021 its 68% to the private sector.
In October 2020, he launched the process, trying to force the hand of Unicredit and its president, the French Jean-Pierre Mustier, who, the following month, had ended up leaving.
Dramatic change this Sunday: the Treasury and Unicredit announce the failure of their negotiations.
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On Monday, all four subordinated bonds issued by MPS collapsed in Milan as the cost of insurance on its debt soared.
The market fears that a “precautionary recapitalization” of MPS by the state will sooner or later impose burden sharing.
The rebound is flattering the very future of MPS, this venerable bank
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