Italy is demanding the European Central Bank give it more time to rescue Monte dei Paschi di Siena and is preparing to blame the bank for losses imposed on bondholders if Rome is forced into an urgent state bailout.

意大利正要求欧洲央行(ECB)宽限更多时间来救援西雅那银行(Banca Monte dei Paschi di Siena)，并且在一旦被迫对该行进行紧急国家纾困的情况下，准备将债券持有人的损失归咎于这家银行。

The board of MPS, which has the Italian Treasury as its largest shareholder, is asking the ECB’s supervisory arm to give it until mid-January to pull off a EURO5bn equity injection and try to avoid forcing losses on some debtholders as required under new EU bailout rules, say four people close to the process.

据4名知情人士透露，最大股东是意大利财政部的西雅那银行的董事会正请求欧洲央行的监管部门宽限更多时间，将一笔50亿欧元的股本注资的完成期限推迟至1月中旬，并且试图避免依据欧盟的纾困新规迫使一些债券持有人分担损失。

In a letter to the ECB, MPS says political instability unleashed by the resignation of prime minister Matteo Renzi following his defeat in Sunday’s referendum has made it impossible to get the deal done until a new government is formed, these people say.

上述知情人士称，西雅那银行致函欧洲央行称，意大利总理马泰奥.伦齐(Matteo Renzi)在上周日公投中失利后辞职一事导致政治不稳定，该行无法在新政府组建好前完成上述注资操作。

If the ECB fails to approve the extension, MPS could be heading for a recapitalisation by the Italian state in the next few days, said a person close to the issue. At stake is the stability of the Italian banking system and the potential wider repercussions on Europe’s financial system, which continues to struggle to recover from the eurozone debt crisis of 2010.

一名知情人士表示，如果欧洲央行不批准延期，接下来几天可能由意大利政府出手对西雅那银行进行资本重组。这攸关意大利银行体系的稳定，并可能对欧洲金融体系造成更广泛的影响。欧洲金融体系仍在竭力从2010年的欧元区债务危机中恢复过来。

A so-called precautionary recapitalisation would involve imposing losses on subordinated debtholders and the indemnification of retail bondholders, the people said. The ECB is due to review the request as early as Thursday.

这名知情人士表示，所谓的预防性资本重组将迫使次级债权人蒙受损失，同时保护零售债券持有人不受损失。欧洲央行最早将在周四审议该请求。

The ECB is understood to be unwilling to reveal its position until a letter is received. But bankers argue the supervisor is under pressure to take a tougher stance on MPS, which failed the European banks’ healthcheck in 2014 and 2016, potentially paving the way for the latest stand-off between Italy and EU authorities.

据信，欧洲央行不愿在收到信件前表明其立场。但银行家们认为，欧洲央行的监管机构正受到压力，要求其对西雅那银行采取更强硬立场，该行在2014年和2016年未能通过针对欧洲各银行的健康检查，潜在为意大利与欧盟当局之间的最新对峙搭起舞台。

“If they don’t give the extension, the ECB must take responsibility. They will be pushing the button,” said one person. “We are only asking for five more weeks.”

“如果它们不予延期，那么欧洲央行必须承担起责任。它们将负责按下按钮，”一名人士说：“我们只要求再宽限5周。”