"The responsibilities still have to be determined by the judiciary, (but) the most striking thing of this story is mostly the initial reaction of the government after the disaster," Davide Oneglia, economist at TS Lombard, said. "The fact they have immediately taken Atlantia and investor as a scapegoat, or they are trying to bring in the European Commission, which is their usual target, might end up in the long run undermining the confidence of investors on Italian institutions," Oneglia told CNBC's "Squawk Box Europe." "If this proceeds, it has long lasting effects on investor sentiment," he said.
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