The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

People walk towards the main entrance of the Monte dei Paschi bank headquarters in Siena March 13, 2012.
People walk towards the main entrance of the Monte dei Paschi bank headquarters in Siena March 13, 2012.
(Max Rossi/Reuters)

World’s oldest bank restructures – will investors bite?

Europe’s clapped-out banks are attracting investor attention now that their painful overhauls are underway or largely completed. In Greece, John Paulson and other hedgies are piling into the Piraeus and Alpha banks as a proxy for the country’s oft-promoted but ever-delayed economic turnaround. The shares of both banks, up about 6 per cent on Tuesday, have surged in recent weeks.