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ECB denies world's oldest bank more time to find funding: media

21-40813574 - 08_12_2016 - FILE GERMANY ECONOMY ECB.jpg
The European Central Bank (ECB) has refused to allow Italy's Monte dei Paschi di Siena more time to raise the cash it needs to avoid being wound down, media reports said Friday, spooking markets.

[MILAN] The European Central Bank (ECB) has refused to allow Italy's Monte dei Paschi di Siena more time to raise the cash it needs to avoid being wound down, media reports said Friday, spooking markets.

The world's oldest bank had asked for an extension on Wednesday, saying political instability created by Prime Minister Matteo Renzi's resignation has left investors reluctant to commit funds.

AFP

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