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Rescue of Italy's Monte dei Paschi Gets ‘Dark' & ‘Complicated'; JP Morgan Vulture Circles

"The problem is that raising the funds (for MPS) is proving to be a very difficult challenge -- much more so than was presented in the optimistic rescue plan," said Nicola Borri, an analyst at Luiss de Roma University. For the moment that plan is going sideways. As Federico de Bortoli, the former director of ‘Il Corriere', put it, nothing of any substance has been signed apart from a pre-underwriting agreement, which amounts to "little more than a handshake.
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