Italy: a long road to the inevitable
The process to save the world's oldest bank, Monte dei Paschi di Siena, has dragged on long enough to feel like it may have been, appropriately perhaps, the world's longest winded bank rescue. For such an investment of time and manpower, the fact that the final resolution is a large bill for the Italian taxpayer is disappointing.
This is not to say that state aid was not the only realistic resolution to MPS's problems with its legacy of toxic loans, but that a considerable amount of time has been wasted arriving at a destination which many have always said was inevitable.
The Italian and European
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