On a wing and a taxpayer’s prayer

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Sep 4th 2008 | ROME
From The Economist print edition

A botched and expensive plan to salvage a beleaguered airline


WHAT price patriotism? In the case of Alitalia, Italy’s long-crippled flag-carrier, the answer is about

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The rationale of Operation Phoenix was never economic, however. Its aim was merely to honour Mr Berlusconi’s claim, made ahead of April’s election, that he had a better solution for Alitalia than the Franco-Dutch offer, which he termed “offensive” (but which would have relieved taxpayers of Alitalia’s debts). He insisted that a consortium of Italian entrepreneurs was waiting for its chance. After several months of delay, a syndicate has indeed been produced.

The 16 investors, who are said to be ready to put up