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MILAN (Reuters) -Italy attracted strong interest from funds when it sold 25% of Monte dei Paschi di Siena (MPS) for 920 million euros ($1 billion) on Monday, advancing plans to re-privatise the world's oldest bank two years after a failed first attempt. The sale is a testimony to the progress Italian banks have made in cleaning up their finances, which contributed to Moody's unexpected decision on Friday to upgrade its outlook on the country's credit rating to stable from negative. It also buys Italy time to find a more permanent solution for its fifth-largest listed bank, including via a merger deal that a dearth of buyers made hard to pursue in the near term.
(Bloomberg) The 19% rally in Italian stocks this year has left them exposed to sovereign debt risks as bond yields climb, according to Goldman Sachs Group Inc. strategists.Most Read from BloombergIsrael Latest: Israeli Death Toll in Hamas Attack Reaches 1,200Hamas Got Around Israel’s Surveillance Prowess by Going DarkIsrael Latest: Top US General Warns Iran to Stay Out of ConflictAfghanistan’s Viral Supercar Makes Global Debut at Doha ShowChina Mulls New Stimulus, Higher Deficit to Meet Growt
ROME (AP) Italian bank stocks plunged Tuesday after the Cabinet approved a proposal to apply a 40% tax on some bank profits this year to help consumers and businesses cope with higher borrowing costs. Transport Minister Matteo Salvini announced the tax at a Monday evening press conference, saying it was a measure of “social […]
Italian bank stocks plunged on Tuesday after the Cabinet approved a proposal to apply a 40 per cent tax on some bank profits this year to help consumers and businesses cope with higher borrowing costs. Transport Minister Matteo Salvini announced.