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Italian bank Monte dei Paschi di Siena admits fundraising bid failure

Italian bank Monte dei Paschi di Siena has admitted its bid to raise 5 billion euros (£4.2bn) of fresh capital have failed - moving the country's third-largest lender closer to a state bailout.

The bank announced late on Thursday that it had not secured the key anchor investor needed to pump in capital.

Its efforts to swap debt for equity netted only 2.45 billion euros (£2.1bn).

Parliament has approved 20 billion euros (£17bn) to shore up Italy's troubled banks, with Monte Paschi by far the most vulnerable after being rated the worst-performer in this summer's European Union stress test.

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