Pie in the sky

Meanwhile on December 5th Alitalia, Italy's national airline, hopes to receive non-binding offers for most of the Italian government's 49.9% stake. It may be disappointed. Alitalia, which loses about €1m a day, is a very different proposition from Iberia, which is decently managed and modestly profitable. But its fate also lies in the hands of politicians rather than those appointed to run the business.