Economy / Foreign relations / Politics

8,000 Italian bank workers must be fired, says EU

Alison Lohman is a very unlucky bank employee in Sam Raimi’s “Drag me to hell”.

The Italian plans to save the ancient bank Monte dei Paschi di Siena are currently under scrutiny by the European Commission, whose authorization is required to go ahead.

The plans include the firing – albeit with soft means like early retirements – of 8,000 employees, and the closing of 550 seats.

The massive cuts are likely to damage the Italy Democratic Party, which more or less controls the bank via the Municipality of Siena and a special trust.

In Italy, mixtures between enterprise and political parties are not uncommon at all. The most widely known example is, of course, Mr Berlusconi’s party. But also leftist parties have strong ties with cooperative companies and other corporations, especially in their historical fiefs in central Italy.

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