Italian bank CDS: Progress on long road to redemption

The eurozone has many structural flaws, inherent design failings that have been painfully exposed over the past decade. Some of these have been rectified and good progress has been made on a banking union, in particular. But the work is not complete and if there was an Achilles heel that threatened to scupper efforts to strengthen the currency bloc, it was the Italian banking system, writes Gavan Nolan.