Monte dei Paschi collapses on the stock market after the refusal of the European Central Bank which has no intention of granting the Sienese institution more time to carry out the capital increase, postponing the deadline for the operation from 31 December 2016 to 20 January 2017 At this point, therefore, state intervention seems to be inevitable.
A few minutes after the news broke, the stock began a rapid and impetuous descent, remaining suspended in the volatility auction on several occasions. Currently, the shares are back in trading and show a drop of -12,48% to 19,08 euros, dragging down the entire index of banks. At 15.30 pm today, the Monte board of directors met in Milan, while this morning the bank's top management met with Treasury Minister Padoan.
