Italy's parliament has approved a 20 billion euro plan to prop up the country's weaker banks, starting with a bailout for Monte dei Paschi di Siena.
Shares in Monte dei Paschi suffered further steep falls on Monday as it tried to raise five billion euros by year-end to avoid a state bailout.
The Italian government is reportedly ready to pump 15 billion euros into Monte dei Paschi di Siena, and other troubled Italian banks.
Italy's largest bank, UniCredit, is to raise 13 billion euros in a share issue to shore up its balance sheet. It will also cut 14,000 jobs.
The world’s oldest operating bank Monte dei Paschi needs to raise five billion euros by the end of this month.
Markets were a little edgy at the opening - the Milan stock exchange fell as much as 2 percent - but most investors don't expect the country will leave the euro zone.
Investor confidence in Italian banks ability to raise money to cover bad debt takes a tumble as fears over government's future weigh on market.
Patrizio Bianchi, Regional Minister for Coordination of the European Policies for Growth, Education, Vocational training, University, Research and Employment, Emilia-Romagna Region, Italy talks about
Italy's industrial production declined by less than expected in September, with a healthy gain of 1.2 percent from July to September.
Italy's Monte dei Paschi says its restructuring plan includes writing off bad loans, job cuts and raising five billion euros in new capital.
It has been confirmed Italy's economy stagnated in the period from April to June not growing at all from the first three months of the year.
German factory orders unexpectedly fell in June as demand from eurozone countries plunged by 8.5 percent compared to May.
Italian bank Monte dei Paschi di Siena is reportedly about to be removed from the STOXX Europe 600 index - a listing of the region's top shares.
Italy's Prime Minister Matteo Renzi has been talking up the country's third largest bank, Banca Monte dei Paschi di Siena, even after it received the worst score in Europe-wide stress tests.
A mountain of bad debts and a lack of capital reserves are fueling an Italian banking crisis, which has been thrown into sharp focus by Britain's vote to leave the European Union.
The Italian government faces growing protests over the rescue of four banks which saw thousands of investors lose money. The Economy Minister Pier
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In the stunning Cadore Valley in the heart of the Italian Dolomite mountains, for many years, the local economy thrived from making glasses but the