Mr Renzi may ultimately face an ugly choice. Either he tells the EU authorities to go to Hell, or he stands by helpless as the Italian banking sytem implodes and the country spins into sovereign insolvency.
Italy is not Greece. It cannot be crushed into submission. Besides, the ‘poteri forti’ of Italian industry whisper in your ear these days that ejection from the euro might not be so awful after all.
In fact it might be the only way to avert a catastrophic deindustrialization of their country before it is too late.
Read full analysis on Telegraph