In a bid to end years of struggles, the Italian government is taking control of bank Monte dei Paschi under a relaunch plan agreed by European officials that includes the disposal of a massive USD32.5 billion in bad loans. In detailing the plan yesterday, CEO Marco Morelli said that ridding the bank of the load of soured loans was “the most relevant issue” in the European Commission’s approval this week of the rescue plan.
Croatia defiant on border arbitration
Croatia yesterday rejected a European Commission call for the implementation of an international arbitration ruling in a longstanding border dispute with Slovenia that has caused tensions between the EU neighbors. Prime Minister Andrej Plenkovic said the commission has no jurisdiction in border matters and insisted that territorial issues should be resolved between the two states.
