Italian Banks: Diavolo in the detail

Italy’s belated bank bailout plan leaves many questions unanswered. Its broad brush outline seems to be market friendly but there is a woeful lack of detail. Furthermore, the creation of a local government body to advise the Treasury is mysterious – and may bode ill. It could be a back door for pulling all sorts of strings. The deal struck by Silvio Berlusconi, Italy’s prime minister, appears to buck expectations that the billionaire politician would use the credit crisis to gain power over Ital...