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MILAN, Jan 6 (Reuters) - Italy’s government is working on a plan to take on about 14 billion euros ($17.3 billion) of UniCredit’s non-performing loans to make a takeover of state-owned Monte dei Paschi more attractive for the country’s second-biggest bank, sources said.
Bad loan manager AMCO, which is backed by Rome and ran by former UniCredit executive Marina Natale, is looking to hoover up a significant tranche of UniCredit’s bad debt while also ridding Monte dei Paschi of its high-risk loans, two sources told Reuters on condition of anonymity.
The plan is part of measures being readied by the Treasury in order to press ahead with the sale of MPS, whose plight has come to symbolise Italy’s long-running banking crisis.
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