''Matteo Renzi, the new broom of Italian politics, is in danger of being swept away.
The youthful Italian prime minister who ascended to power in 2014 as the leader of a new generation seemingly destined to clean up the country’s stale politics is now facing a combustive cocktail of financial crisis, political miscalculations, and anti-European populism..''
At stake is not only the future of the 41-year-old former mayor of
Florence — but also Italy’s relationship with the European Union and the
health of the Continent’s fragile banking system.
Time is not Renzi’s friend. By July 29, EU banking regulators are
widely expected to say that Monte dei Paschi di Siena (MPS), the world’s
oldest bank, will need an emergency infusion of capital. That decision
will sound the starting gun on a rescue package not just for MPS but for
the entire Italian banking sector.
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