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Hedge funds up bets against Italy’s Monte Paschi

Reuters – Big-name London hedge funds Odey Asset Management and Egerton Capital are among those upping their bets against Monte dei Paschi di Siena in recent days, after revelations the troubled Italian bank faces heavy losses.

Italy’s third-biggest bank is under investigation for an opaque series of derivatives and structured finance contracts between 2007 and 2009 that could cost it 720 million euros. The scandal surrounding the world’s oldest bank, which is already in need of a 3.9 billion euro ($5.34 billion) state bailout, has become a campaign issue three weeks before¬†Italy¬†holds national elections.

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