Italy govt sees "fairly rapid" solution for Monte dei Paschi – industry minister



© Reuters. FILE PHOTO: Banca Monte dei Paschi’s headquarters in Siena, Italy, October 27, 2017. REUTERS/Stefano Rellandini

SIENA, Italy (Reuters) – Italy’s government expects to find a solution to help ailing bailed-out lender Monte dei Paschi di Siena in “fairly rapid” time, Industry Minister Giancarlo Giorgetti said on the sidelines of an event in Siena.

UniCredit, Italy’s second-largest bank, in July entered into exclusive talks with the Treasury to evaluate buying “selected parts” of Monte dei Paschi (MPS), which is 64% owned by the state following a 2017 bailout.

Asked about alternatives for Monte dei Paschi to UniCredit, Giorgetti said his government was dealing with a major problem inherited from previous administrations “but I am convinced that it will find the best solution”.

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