Trying to Save Monte Paschi – Oldest Bank in the World
armstrongeconomics.com / by Martin Armstrong / Apr 16, 2017
The EU Commission is looking to bailout Monte Paschi by almost eliminating more than 5,000 jobs. The Monte Paschi plan that was presented last October called for 2600 layoffs. It is the oldest surviving bank in the world and the third largest Italian commercial and retail bank by total assets. This makes it a critical bank in Italy. It has been struggling to avoid a collapse. It was founded in 1472 by the magistrates of the city state of Siena as a “mount of piety” by name.
It was Pope Gregory IX (1127-1241) who became the first Pope to appoint a noble merchant family of Siena as the official Papal depository in 1233 – the Piccolomini headed by Angeliero Solafico. The appointment of the Piccolomini family as the Papal Depository in 1233, led to Siena rising to become the first Financial Capital of Europe emerging at this time.
The post Trying to Save Monte Paschi – Oldest Bank in the World appeared first on Silver For The People.
Source: http://silveristhenew.com/2017/04/16/trying-to-save-monte-paschi-oldest-bank-in-the-world/
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