Italy might be spending €6.6 billion or €8.8 billion to rescue Monte dei Paschi, according to two official estimates. The bank plans to issue €15 billion in new bonds in 2017.
The currency crisis in India could turn into a food crisis. The country is not expected to have a normal amount of currency in circulation until late 2017. In the meantime, rural farmers who have money in the bank may not be able to get the cash they need to buy seeds and pay farm laborers for planting. With currency in desperately short supply, bank customers wait in line for days to withdraw $30, the largest cash withdrawal available.
Venezuela will soon be recalling most of its paper money, but that deadline has been extended until January 20. New coins began circulating on Wednesday but could initially be found only in the capital Caracas.