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2016-07-15 — theguardian.com
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Now the collapse of Monte dei Paschi's shares, coupled with concern brought on by Brexit and fears that the Siena bank will fail a vital bank stress test on 29 July, has forced Italy's hand: the banks need a bailout of about €45bn -- a sum that most experts argue cannot be raised from investors.
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Last month Angela Merkel, the German chancellor, said that the EU would not veer from the new rules. Renzi retorted that he was in no mood to be "given a lesson by the schoolteacher".
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Renzi holds an important card in this fight. His Democratic party is the only major political party in Italy that has shown unwavering support for the euro and the EU. His biggest rival, the populist Five Star Movement, is gaining traction following two big wins in local elections in Rome and Turin and could displace Renzi if the prime minister fails to win a critical referendum in the autumn on his sweeping constitutional reforms. He has sworn to resign if the referendum fails.
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