Exclusive-Italy, UniCredit set to call off talks over Monte dei Paschi-sources

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Reuters

LONDON (Reuters) – Italy’s government and UniCredit are preparing to call off negotiations over ailing bank Monte dei Paschi (MPS) after efforts to reach an agreement over a costly recapitalization plan fell through, two sources told Reuters. Rome has decided it won’t be able to meet UniCredit’s requests for a recapitalization package worth more than 7 billion euros as this would make a deal “too punitive” for the Italian taxpayer, one of the sources said. Disagreements over the size and costs of job cuts at the world’s oldest bank as well as an accountability issue over the way UniCredit calc…

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