Assuming bondholders stand firm, then euro-zone governments face a straight choice: Either they step in to takeashare of the losses for the first time in the crisis or they allow Greece to default, something they have fought hard to avoid for the past two years.
There are no signs of Mediobanca relinquishing its grasp: last month, it announced a capital increase and the sale of some corporate stakes in order to take up its rights ina Generali share issue.