Destinations

Siena, Italy’s foundations are weakened by European banking crisis

Excerpt from New York Times

Feb 23, 2013 9:01 am

Skift Take

Siena’s setting above the hills of Tuscany is one of strength and power. The idea that the bank which was its benefactor and anchor for over five centuries made 21st-century mistakes will have visitors looking for cracks in the foundation.

— Jason Clampet

Free Report: The Changing Business of Extended-Stay Hotels

Cut into the stonework of the imposing Palazzo Salimbeni is a name that has been entwined with the fortunes of this Tuscan city for five centuries: Monte dei Paschi, or Mount of the Pastures.

Since the days of the Medici family in Florence, 40 miles to the north, the banking house of Monte dei Paschi has rained wealth on the people of Siena. For 541 years, it has endured war, plague and panic, and it stands today as the world’s oldest operating bank.

Read the Complete Story →

Tags: , ,

Next Up

More on Skift

Interview: Room Key CEO on Next Phase of the Hotel Chain Joint Venture
Boeing Turns to Agriculture to Grow the Next Generation of Aircraft Interiors
Skift Forum Video: How Smart Design Is Shaping the Future of Travel
Free Webinar: How To Effectively Personalize Marketing Across Travel Sectors