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Italy set to ask ESM 15 billion euros for banking sector - report

Published 07/12/2016, 07:34
Updated 07/12/2016, 07:40
© Reuters. The main entrance of the Monte dei Paschi bank headquarters is seen in Siena
BMPS
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MILAN (Reuters) - Italy is set to ask the European Stability Mechanism a loan of 15 billion euros (12.71 billion pounds), Italian daily La Stampa reported on Wednesday, quoting two sources from the Treasury.

The request would be not only for ailing Banca Monte dei Paschi di Siena (MI:BMPS) but also for other struggling banks in the country.

The scheme that would be applied would be similar to that used in Spain in 2012 to avert the meltdown of the banking sector, the report added.

© Reuters. The main entrance of the Monte dei Paschi bank headquarters is seen in Siena

In exchange for the funds, Italy would have to commit to tighten its budget and a government decree to make use of the fund would have to be approved by the end of the year, by the country's new government, it said.

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