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    Austerity hits 'Italy's Dubai'

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    Al Jazeera English

    by Al Jazeera English

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    The world's oldest bank has become the latest victim of Italy's money woes.

    The Monte dei Paschi di Siena, founded in 1472, though still in operation, has found itself in serious financial trouble as investments fell from $300 million in 2008 to 25 million last year.

    The institution also helps to fund Siena' cultural life, but as Al Jazeera's Claudio Lavanga reports from Siena, that too is now in jeopardy.