MILAN: The Italian government approved a bailout plan to rescue the country's struggling banks on Friday, with Monte dei Paschi di Siena (BMPS) likely the first in line to receive state aid.
The announcement by Prime Minister Paolo Gentiloni comes after Monte dei Paschi, the world's oldest bank, said it had failed to raise five billion euros ($5.2 billion) from the markets to shore up its capital base.
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