The shareholders of Telco must declare their intentions before the six month deadline of the initial three-year agreement that falls next April 28th. Telefonica is the major shareholder and the only one with hard cash to back it up. The other Italian shareholders could decide to "aumentare il capitale" and reduce Telefonica's clout, highly unlikely as that means money. Or Telefonica could pull out.

If nothing happens by that date the present situation of Telco will continue as is on an annual basis. Telco however does little else than keep Telecom Italia afloat with a constant yet minor reduction of its debt.

In effect Telefonica has tied down Telecom Italia and can afford to play dynamically on other markets where Telecom Italia is a competitor. Telefonica, by this reasoning, has an interest to keep its stake in Telco. What kind of scheme Berlusconi could force for his own interests may resemble the Alitalia debacle. There are no limits to the masochism of Italian industry and finance. They could comply with his schemes.