That leaves Mr Tanzi's proposed strategy as the only current proposal with something to recommend it.

ECONOMIST: That infernal washing machine

If Mr Tanzi's allegations are true, his position at the helm of Capitalia looks indefensible.

ECONOMIST: Parmalat

Mr Tanzi was arrested less than a fortnight later, and seven others were then rounded up.

ECONOMIST: Plenty of crying over spilt milk | The

But the former chief financial officer has denied wrongdoing, telling prosecutors that he was simply following Mr Tanzi's orders.

ECONOMIST: Plenty of crying over spilt milk | The

Defense lawyers promised Tuesday that Tanzi, once considered a modello esempio of Italian business, would cooperate during the trial.

FORBES: Magazine Article

Calisto Tanzi , the founder of Parmalat, went on trial Wednesday alongside other former company directors, lawyers and accountants.

FORBES: Parmalat Founder Tanzi On Trial In Milan

Things came to a head in mid-December when Calisto Tanzi, the group's chairman, founder and main shareholder, quit and was replaced by Mr Bondi.

ECONOMIST: Plenty of crying over spilt milk | The

Parmalat founder Calisto Tanzi is serving an eight-year sentence on market rigging related to the stunning 2003 collapse of his dairy empire despite his advanced age.

NPR: Knox Case Puts Italian Justice Under Scrutiny

And Cesare Geronzi, the bank's chairman, was accused by Calisto Tanzi, the former boss of Parmalat and now an inmate of San Vittorio prison in Milan, of forcing Mr Tanzi to buy several companies at over-inflated prices.

ECONOMIST: Parmalat

Tanzi, now 74, has been jailed since 2011 for his role in the scandal that defrauded thousands of small-time investors, despite arguments by his lawyer that his health is failing and that he should be granted house arrest under a law allowing it for convicts over age 70.

NPR: Knox Case Puts Italian Justice Under Scrutiny