Monte dei Paschi shortfall €8bn, ECB says

Italian bank’s bailout cost rises as European Central Bank puts recapitalisation requirement higher than previously estimatedThe cost of rescuing Monte dei Paschi has escalated after the European Central Bank told the struggling Italian lender that it required €8.8bn (£7.5bn) to mend its finances.The lender, Italy’s third-largest bank, has tried in vain to arrange a €5bn rescue package with private investors but the ECB said the sum would not have been enough. Continu