Only a monetary 'nuclear bomb' can save Italy now, says Mediobanca

``Italy's rock star leader Matteo Renzi must by now have realised that his first gamble has failed. He thought he could ride a wave of recovery after snatching power in February in a remarkably audacious move in February, only to discover that Europe is not in fact recovering, and that his country is trapped, with no way out under the current deflationary/contractionary policies of the EMU regime.''