for more, let's go to dan liefgreen in bloomberg, mmilan's bureau chief -- milan's bureau chief. he ecb making this calculation? dan: a bit of as surprise, actually. they saide amount monte paschi needs to raise is almost twice what the bank tried to raise from the market. the 5 billion operation that they'll last week. they base it on a couple of things. the stress test. the stress test taken over the summer. and the latest liquidity features -- figures. summer 30thween the and 31st, liquidity drop sharply. presumably, that is why they are justifying this larger number for monte dei paschi's capital situation. vonnie: the italian government getting involved in the bailout is almost illegal, according to some. yet other countries have seen taxpayer bailouts. what is the future for the taxpayer bailout? dan: well, the future is quite complicated. this will be an overnight process. it will drag on weeks and months. monte dei paschi has to get together a new business plan. this has to be submitted to european authorities as well. what they are looking at is trying to avoid big losses

jonathan: dan liefgreen, thanks for joining us.always been about this bank and its spillover effects to other bank s. what you do to monte dei paschi, it is it replicated to other banks? and is a difference of kind or degree, in the sense that do other italian banks have similar problems? jonathan: if you listen to the head of the european stability mechanism, he says it is a bank problem. you need to raise 5 billion euros, you have until the end of the year -- they wanted more time. they wanted an extra three weeks. why not? david: it does not seem like that much time. we will continue to cover that story. in the meantime, we want to talk a bite -- talk about oil and opec. on the political motivations of the major participants. shaheenoined by allah thank you both. we have qatar, the middle east, and russia. announcement of glencore and rosneft. what is in it for qatar? >> there are two fundamental reasons -- economics and politics. on the economics side, this is a tiny economy with huge resources from hydrocarbon. there is no way

michael: dan liefgreen, thank you for joining us. we will continue to check in.he monte dei paschi rescue could take place over the next couple of days. we will keep you up-to-date with the latest headlines as they come across. trading halted at the bank. we will bring you more on our exclusive conversation with bank of america ceo ryan moynahan on his to do list. ♪ michael: good morning, i am michael mckee in new york with francine lacqua in london. the bank of america chairman and ceo brian moynihan says most of the items on his to do list when he took over have now been completed. he spoke exclusively to david westin. brian: when i interviewed for the job in the latter part of 2009, i had a list, i literally had a list of all of the things that did not fit with the core franchise, consumer franchise, merchandising, and capital markets franchise. that came through a lot of the enterprises required. we needed to deal with overtime. i showed the board that, and the idea was if we took the risk out of those businesses, and took the capital and complexity out, you

julie: all right, bloomberg's dan liefgreen, thank you so much.g up, it's the european close. we are 30 minutes away from the end of the monday session. check out what's happening on the markets today. falling on the stoxx 600 for the first day, rising every single day last week, down to the company surviving. ♪ mark: 11:00 a.m. in new yorkmark:, 3 p.m. in london. julie: this is the european close, on "bloomberg markets." ♪ mark: we are going to take you from new york to london, athens, and here's what we are watching today. european stocks are lower today, oil surging after opec and non-opec countries reached a deal. julie: as donald trump continues to fill out his cabinet, he may turn to rex tillerson for secretary of state. we look into those ties with russia. and christine lagarde goes on trial for negligence in france, alluding to overtime as french finance minister. what could the consequences be for one of the most powerful women in the world? mark: right, let's have a look at where european equity markets are trading right now. macro mover

dan liefgreen joining us out of milan. have spent a, we lot of time talking about the banks. care about the italian banks with the big picture stuff? is this important? we blew past the at sign referendum. the italian bank needs rescuing. that is normal business, isn't it? >> not necessarily normal. guy: history would dictate we have seen a lot of bank rescues in italy. >> the question for the bigger picture is, is this systemic? ithad all the stress tests, is pretty well discounted. what we learned in the reaction to the renzi referendum is a lot of bad news was already in the price and, you know, i would assume that, things like the italian -- these are not surprises. michael: they are very well reported and discussed. investors are ready for them, and because, you know, we know the financial system is stronger than it was five years ago that actually, it should be limited. matt: do we know that? one of the things we learned, i aig, with the bailout of is the channels of infection are often in places he would not expect and the danger is more severe than you might think at

emily crane -- dan liefgreen joining us from milan, working out how much is going to come from the italianovernment and how much is going to come from bondholders. our guest is chris wiley, still with us in studio. this italian story, how contained is it for you around one bank, the oldest lender in and it's liquidity concerns? how contained is that for you? or how much is this a broader story about european banking? problem,at is the isn't it? we are still looking to get confidence that we are getting ahead of this italian story. and it does not instill this sort of confidence when you see a provision of 5 billion suddenly turning into a .8. as far as markets are concerned, there is very little equity value left in this stock. that is why we have seen european banks rally, despite what on the surface looks like pretty bad news. equity investors have already reduced expectations considerably. there clearly are concerns. what you are looking for the you think we have turned the corner is the kitchen sink moment, when you think everything has been provided for. then, we can look forward to a

dan liefgreen, our bloomberg italy bureau chief. still with me, jonathan bell.because essentially, hadit and trump, if you taken the opposite side of the trade, on both of those, you would have done very well. some people dead. italy, in some ways, is one you can play a number of different ways. you cannot play through the euro , which both the dollar and sterling you can play the brexit and trump vote via. via. you can play it by the italian banks. let us talk about the banks and a little bit more detail. ) do i want to go anywhere near them? b) how much turbulence could there be if we had a greek style banking crisis in italy? jonathan: the simple answer is i would not -- i would not go anywhere near them or invest in italian banks and assuming we have a no vote, they will be hit because they have a problem. they need to recapitalize. italy has a problem as a country. the banks and particular have a problem with nonperforming -- in particular have a problem with nonperforming loans. it just makes the country almost ungovernable in the way that the constitution

david: thank you, dan liefgreen. jonathan: more on the political fallout globally and the impact on markets. the ceo ofring in the largest publicly traded hedge fund. he joins us from london and it excuses -- in an exclusive interview. to theok you back beginning of this year and told you that the u.k. would vote to leave the european union, the united states would elect donald no in and italy would say this referendum, would you have been able to make money? i think i probably would have had the wrong positions at the beginning of the year. markets are looking for what happens next. looking forward quite aggressively at this point. wonder what that means given that that has been the lesson of 2016. the lucid in the market were perhaps the most surprising thing. weree moves in the market perhaps the most surprising thing. what does that mean for 2017? >> i think you've got two big effects. a lot of people have forgotten what big moves due to market. it's been a long time since we have had significant fx moves. we are