European Central Bank Rejects Italian Bank's Request for Rescue Delay

The European Central Bank rejected an appeal by the Italian bank " Monte dei Paschi di Siena," to postpone the plan of recapitalization. Monte dei Paschi di Siena announced Wednesday in a statement that it was notified about the European Central Bank decision on Thursday.

    The Italian bank was scheduled to complete the 5.3 billion euros recapitalization by the end of the year. However, the Monte dei Paschi di Siena proposed an appeal for more time to complete the recapitalization until January 20, 2018, noting the difficulties that were caused by the Italian political crisis.

    The statement also added that the recapitalization delay would lead to an additional negative consequences to the bank situation and it's capabilities.