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Monte deI Paschi Races to Finalize Rescue Plan; Shares Surge

UBS (UBS) is reportedly in talks with beleaguered Italian bank Monte dei Paschi (BMDPY) to help finalize a private sector rescue plan before the results of the European bank stress tests are released tonight.

Italian businessman Corrado Passera has apparently teamed up with UBS to present a plan to the board of Monte dei Paschi today.

Monte dei Paschi confirmed early this morning that it had received letters from Passera and UBS...