A fiasco is a thing that is a complete failure; a disaster, especially in a ludicrous or humiliating way. I recently read about a fiasco full of wine!
It turns out to be a typical Italian style of bottle, usually with a round body and bottom, partially or completely covered with a close-fitting straw basket. The sort of bottle that Chianti used to appear in with a good steak dinner at Berni Inns when I was young. I've quaffed many a fiasco - and also been a part of a few!