"After 2008, rather than punishing banks or imposing radical reforms, most governments worked to save them. Banks were bailed out and debts were written off or purchased by the state. Under the 'Troubled Asset Relief Program' of 2010, the US government authorized $700 billion to stabilize banks. In Britain, over $500 million was spent purchasing shares in banks to prop them. Even the oldest surviving bank in the world, Italy's Banca Monte dei Paschi di Siena (founded in 1472), built up huge losses investing in risky financial products. As a result, the Italian government had to spend more than 4 billion EURO rescuing the bank in 2016."
(''IS CAPITALISM WORKING? A primer for the 21st century'' by Jacob Field, Thames & Hudson publisher)
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