Italy's political class should be very alarmed if MPS needs state bailout

Government is planning a rescue package for bank, but lack of private capital shows investor confidence in Italy has crashedMonte dei Paschi di Siena’s attempt to float itself off the rocks with private capital appears doomed and a state-sponsored bailout looks inevitable. The Italian government on Wednesday granted itself the funds for a rescue package. The deed will probably be done by Christmas, with losses imposed on junior bondholders. It is tempting to think this outcome was inevitab