Monte Paschi gets preliminary EU approval for bad debt plan - source
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MILAN (Reuters) - Italy's Banca Monte dei Paschi di Siena has received a preliminary green light from the European Union's competition authorities for its bad debt disposal plan, a source familiar with the matter said on Friday. The loan reduction plan still needs approval from the European Central Bank to go ahead, the source added.The world's oldest bank was taken over by the Italian government in 2017 in an 8 billion euro bailout to stop it from buckling under a pile of bad loans after years..