Italy's Oldest Bank Monte Paschi "BAILS-IN" BONDHOLDERS TO TUNE OF $650 MILLION!

http://www.silverdoctors.com/italys-oldest-bank-monte-paschi-bails-in-bondholders-to-tune-of-650-million/

While the Monte Paschi bail-in for now is limited to Tier 1 bondholders, the bank made it clear it likely will not be able to continue paying Tier 2 bondholders much longer either: ... The cost of insuring against losses on Monte Paschi's subordinated debt rose, with credit-default swaps covering 10 million euros of the bank's junior bonds for five years costing 2.1 million euros in advance and 500,000 euros annually, according to data provider CMA. That signals a 49.5 percent probability of default within that time.