Can You Bank on Italy?

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Fazio's top aides say he feels that resigning would be an admission that he did something wrong. Tito Boeri, an economics professor at Milan's Bocconi University, says the Fazio-Fiorani phone call was "appalling" but not necessarily surprising. "There is no accountability. We really must change the [banking] rules. It even comes before changing the person." Only once the playing field is leveled will Italy begin to attract foreign business leaders for something other than a Chianti getaway.