ML-Implode News - Monte Paschi looks to leave 'emergency room' and return to profit, with next bailout step

Italian bank Monte dei Paschi di Siena set out plans to get out of the "emergency room" and return to profit on Wednesday, clearing the way for a state bailout that should remove the biggest threat to the country's financial stability.
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On Tuesday the European Union approved a 5.4 billion euro state bailout after it agreed to a drastic overhaul in a move that will leave Rome holding around 70 percent of the bank.

EU officials speaking on condition of anonymity said Italy would have to exit the bank at the latest by the end of the 5-year plan.
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Crucially, the bank will sell 28.6 billion euros of gross bad loans, of which 26.1 billion will be securitized through a transfer to a privately funded vehicle on market terms, with the operation partially funded by bank rescue fund Atlante II.

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Monte Paschi looks to leave 'emergency room' and return to profit, with next bailout step