Italian Lawmakers Approve 20-billion-euro Debt Hike for Bank Rescue

Italy‘s lower house of parliament on Thursday approved a government bid to increase public debt by up to 20 billion euros (about 21.3 billion dollars) to fund a rescue package for Monte dei Paschi di Siena (MPS) and other ailing banks. “A step forward to guarantee more economic security to families and businesses,” Prime Minister Paolo Gentiloni wrote on Twitter. The move comes after the European Union on December 29 approved the Italian government‘s move to rescue MPS, the country‘s third-largest lender and the world‘s oldest bank.