EU clears $6-billion bailout for Italy's fourth largest bank
The European Union has approved a $6.1-billion (over â¹39,000 crore) state bailout for Italy's fourth largest lender, Monte dei Paschi di Siena. This came after the bank agreed to a drastic overhaul including a salary cap for senior managers. Monte dei Paschi, the world's oldest bank, earlier failed to raise $5.68 billion in the market to expand its capital.