Banks decline proposal to guarantee €5bn cash call say Reuters sources
Morgan Stanley, Unicredit and Intesa Sanpaolo rebuff a proposal to guarantee Monti Paschi's €5bn cash call
A consortium of other banks expected to be offered inclusion is made up of, JPM, Citigroup, BOAML, Deutsche Bank, Credit Suisse & Mediobanca
Sources say that even more banks are needed
This current scenario is going to put the European banking system and its new bank backstops to the test, something they hoped to avoid so soon after the crisis.
Monti Paschi was hoping to get this €5bn in raised capital in place before the results of tomorrow's stress tests. That's looking a very long shot right now.
