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Report: Monte dei Paschi cash call set to fail

The Italian state will likely have to bail out Banca Monte dei Paschi di Siena SpA as the troubled lender's €5 billion cash call looks set to fail, London's Financial Times reported Dec. 21.

The cash call, which is led by JPMorgan, collapsed after Monte dei Paschi failed to find an anchor investor, "four people close to the dossier" told the FT.

Poor lending practices and ill-judged M&A deals have left the world's oldest bank in dire straits and ECB regulators fear that unless it is shored up soon, its problems could spill over into a wider Italian banking crisis.

The bailout could leave the state with a majority stake in the bank, up from a current 4%, the paper said.