Monte Paschi plunges on derivatives loss

Italy's Banca Monte dei Paschi di Siena is reportedly facing losses of at least 220 million euros from a derivatives deal made three years ago.

The reports caused shares in Italy's third biggest lender to plunge.

It was already on track to end 2012 deeply in the red with a 1.6 billion euro loss in the first nine months of last year.

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