Oh, the sweet memories of summer. Just a few weeks ago, Telecom Italia's dashing chairman Marco Tronchetti Provera boarded Rupert Murdoch's private yacht off the Greek island of Zakynthos, seeking to buy media content from the Aussie-born mogul for Telecom's broadband service. Even more enticing was the possibility that Murdoch might want a stake in the
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Italian company's mobile-phone unit, which would help lift it out of its €41 billion debt. At the very least, said Tarak Ben Ammar, Murdoch's go-to guy in Italy: "The water in Greece is really clean ... and the company was very...