Telecom Italia: Telecom mess

The confusion at Telecom Italia deepens. The share price of the beleaguered and highly leveraged operator has reportedly fallen low enough to break a debt covenant. TI says it can’t comment on reports, but if true, the banks could end up with a stake of around 17% in the former monopoly. This is just the latest blow for embattled boss Franco Bernabé. The former Rothschild banker is already contending with unrest among the group of Italian businessmen who control the company. A crisis point can’t...