It wouldn't be summer without a crisis in the euro zone, and following the U.K.'s vote to leave the European Union, we are likely to have a second, this time with an Italian flavour.
Italy's banks were once the foundation of the modern banking system – but now, weighed down by bad debts and a dismal economy, those foundations are at risk of crumbling. In his efforts to resolve the problem, Prime Minister Matteo Renzi must walk his own tightrope between sticking to EU rules and discontent at home.
The numbers are bleak. Italy's economy is unlikely to return to pre-crisis levels for close to a decade, according to the International Monetary Fund (IMF). And swilling around at the bottom of that economy are around 360 billion euros ($394 billion) of non-performing loans, 200 billion euros worth of which are deemed insolvent, are still on banking balance sheets.