Only the most gullible or optimistic Italians ever believed that the Phoenix Project launched with great fanfare five years ago would allow Alitalia, Italy’s bankrupt flag-carrier, to soar to profitability. Half-year results approved on September 26th showed a net loss of €294m ($386m), taking total losses since the end of 2008 to well over €1 billion. Its share capital eroded, bleeding cash, with only €128m left, including unused credit lines, Alitalia has run into near-terminal turbulence.