It would be easy to blame Mr Tato and Enel for the mess.

ECONOMIST: Enel’s not-so-new look | The

Minority shareholders might approve of the new managers, especially at Enel where Franco Tato, the outgoing boss, was a controversial figure.

ECONOMIST: Privatisation in Europe

Mr Tato gained the ability to play off the interests of minority shareholders against the government, something he has done with great skill.

ECONOMIST: Enel’s not-so-new look | The