Telecom Italia: Mama Mia!

10:45 AM -- The simmering telecom trauma in Italia has hit a full boil, where control of national carrier Telecom Italia (TIM) is turning into a shareholder scrum that could possibly include government intervention.

With ownership of the company being broken up, many prominent Italians are fretting that the company could end up being owned by a collection of International telecom players -- or, worse yet, AT&T Inc. (NYSE: T).

A roundup of the coverage follows.

  • The New York Times summed it up nicely in a long analytical piece over the weekend:

  • The Associated Press covered the Friday development that accelerated the crisis -- the resignation of Telecom Italia Chairman Guido Rossi:

  • MarketWatch reports that the developments have Italian Prime Minister Romano Prodi "very worried." No reports on whether his worst fear is that after losing the national telephone company, he'll be forced to sign up for service from Vonage Holdings Corp. (NYSE: VG).

    — R. Scott Raynovich, Editor in Chief, Light Reading

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