The Italian Job

``Even if Renzi stands, Italy's future in the EU looks to be at risk. The collapse in bank shares in the trading days following the Brexit has created an immediate crisis. Within 72 hours of the vote results, Italy was reported to be preparing a €40 billion rescue of its financial system. A direct recapitalization of the banks, funded by a special bond issue was on the table. But the Italians are also pleading for a moratorium of ‘bail-in' rules and bondholder write-downs, both of which are prohibited under existing EU laws.''