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Stricken Italian bank says ECB wants it to get 8.8bn bailout
Italy's troubled third largest bank, Monte dei Paschi di Siena (BMPS), said on Tuesday that the European Central Bank has called for it to receive a bailout of €8.8 billion ($9.2 billion).
The ECB's reported need for recapitalisation at BMPS is over €3 billion more than previously judged necessary.
BMPS cited letters from the ECB to the Italian ministry of finance and economy indicating that the results of 2016 stress tests showed the capital needs of BMPS at €8.8 billion.
The eurozone central bank also noted that the bank's liquidity had deteriorated between November 30th and December 21st.
http://www.thelocal.it/20161227/italian-bank-bmps-says-ecb-wants-it-to-get-88bn-euro-bailout
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Italy - The next European basket case.
