Alitalia: is the end nigh?

In Europe the distraction of Ryanair's hostile bid for Aer Lingus has overshadowed the leaking of an important report into the perils faced by Italian flag carrier Alitalia.

The most remarkable thing is that the report is authored by the airline itself. In it, Alitalia chief executive Giancarlo Cimoli warned that his carrier cannot be profitable under its current cost structure. He also apparently criticises unfair competitive advantages enjoyed by low-cost carriers.

After over two years trying to wrestle with Alitalia's unions and government to produce an airline that can survive in today's cut throat European market, this sounds like Cimoli's last throw of the dice to gain the muscle to fundamentally change how the loss-making carrier runs. History tells us that such a prospect is extremely hard to achieve in Italy - is the bell tolling for the beginning of the end of this proud European airline?