{"id":23621,"date":"2017-04-16T10:55:51","date_gmt":"2017-04-16T15:55:51","guid":{"rendered":"http:\/\/olduvai.ca\/?p=23621"},"modified":"2017-04-16T11:06:44","modified_gmt":"2017-04-16T16:06:44","slug":"trying-to-save-monte-paschi-oldest-bank-in-the-world","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=23621","title":{"rendered":"Trying to Save Monte Paschi \u2013 Oldest Bank in the World"},"content":{"rendered":"
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Trying to Save Monte Paschi \u2013 Oldest Bank in the World<\/a><\/h3>\n<\/div>\n
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\"Monte-Dei-Paschi-1\"<\/a>The\u00a0EU Commission is looking to bailout Monte Paschi by almost eliminating <\/span>more than 5,000 jobs.<\/span>\u00a0The Monte Paschi plan that was presented last October called for 2600 layoffs. It\u00a0is the oldest surviving bank in the world and the third largest Italian commercial and retail bank by total assets. This makes it a critical bank in Italy. It has been\u00a0<\/span>struggling to avoid a collapse. It was founded in 1472 by the magistrates of the city state of Siena as a \u201cmount of piety\u201d by name.<\/span><\/p>\n

\"Piccolomini\"<\/a>It was Pope Gregory IX (1127-1241) who became the first Pope to appoint a noble merchant family of Siena as the official Papal depository in 1233 \u2013 the Piccolomini headed by Angeliero Solafico.\u00a0The appointment of the Piccolomini family as the Papal Depository in 1233, led to Siena rising to become the first Financial Capital of Europe emerging at this time.<\/p>\n

The Piccolomini family rose in credibility among all the merchants. Their Palazzo Piccolomini <\/b>still exists which was their Palace.\u00a0Eventually, their family would later produce two Popes, Pius II (1458-1464) and Pius III (1503). The Piccolomini were conservative merchants who had offices in Genoa, Venice, Aquileria. Triests, and above the Alps they opened both in France and Germany.<\/p>\n

Siena was therefore the rebirth of banking after the Dark Age. The Banca Monte dei Paschi di Siena was founded by order of the Magistrature of the Republic of Siena as Monte di Piet\u00e0 back in 1472. Since then the bank has been in operation without interruption to the present day. It formed on the second economic expansionary wave that came 224 years after the birth of the first economic wave in the 13th century.<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Trying to Save Monte Paschi \u2013 Oldest Bank in the World The\u00a0EU Commission is looking to bailout Monte Paschi by almost eliminating more than 5,000 jobs.\u00a0The Monte Paschi plan that was presented last October called for 2600 layoffs. It\u00a0is the oldest surviving bank in the world and the third largest Italian commercial and retail bank […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[5496,2015,61,1361,4122,1464,5479,539],"class_list":["post-23621","post","type-post","status-publish","format-standard","hentry","category-economics","tag-armstrong-economics","tag-bailout","tag-banking","tag-bankruptcy","tag-eu-commission","tag-italy","tag-martin-armstrong","tag-monte-paschi"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/23621","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23621"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/23621\/revisions"}],"predecessor-version":[{"id":23623,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/23621\/revisions\/23623"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}