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Italy’s problem bank casts shadow over Draghi’s summer break

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Reuters

By Silvia Ognibene, Valentina Za and Gavin Jones SIENA (Reuters) – When Italian Prime Minister Mario Draghi returns from his brief summer break one of the thorniest items on his “to do” list will be finally fixing the woes of the world’s oldest bank, Monte dei Paschi di Siena (MPS). The Tuscan lender’s decline has tarnished Draghi’s record ever since 2008 when, as Bank of Italy chief, he approved its purchase of rival Antonveneta at an inflated price that analysts say contributed to its financial meltdown. Thirteen years of scandals, crisis management and state help to keep MPS afloat have tur…

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