Jun

Bailout for Italy’s Oldest Bank Tests Too-Big-to-Fail Rules

FRANKFURT — Some banks go to the international markets when they need money for a big deal. Monte dei Paschi di Siena, one of Italy’s biggest lenders, tapped its own loyal customers.

“The bank has always been a gold mine and the pride of the city,” said Paolo Emilio Falaschi, a lawyer in Siena who represents several aggrieved clients.

The aftershocks of that strategy have presented European leaders with their first major too-big-to-fail moment, as authorities on Thursday gave the initial greenlight for a bailout of Monte dei Paschi…

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Bailout for Italy’s Oldest Bank Tests Too-Big-to-Fail Rules

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