-We study a system formed by soft colloidal spheres attracting each other via a square-well potential, using extensive Monte Carlo simulations of various nature. The softness is implemented through a reduction of the infinite part of the repulsive potential to a finite one. For sufficiently low values of the penetrability parameter we find the system to be Ruelle stable with square-well like behavior. For high values of the penetrability the system is thermodynamically unstable and collapses into an isolated blob formed by a few clusters each containing many overlapping particles. For intermediate values of the penetrability the system has a rich phase diagram with a partial lack of thermodynamic consistency.Pair effective interactions in soft condensed matter physics can be of various nature and one can often find real systems whose interaction is bounded at small separations as, for instance, in the case of star and chain polymers [1]. In this case, paradigmatic models, such as square-well (SW) fluids, that have been rather successful in predicting thermo-physical properties of simple liquids, are no longer useful. Instead, different minimal models accounting for the boundness of the potential have to be considered, the Gaussian core model [2] and the penetrable-sphere (PS) model [3][4][5] being well studied examples. More recently, the penetrable square-well (PSW) fluid has been added to this category [6][7][8][9] with the aim of including the existence of attractive effective potentials. The PSW model is obtained from the SW potential by reducing to a finite value the infinite repulsion at short range,where ǫ r and ǫ a are two positive energies accounting for the repulsive and attractive parts of the potential, respectively, ∆ is the width of the attractive square well, and σ is the width of the repulsive barrier. For ǫ r → ∞ one recovers the SW model, while for ∆ = 0 or ǫ a = 0 one recovers the PS model. For finite ǫ a , ǫ a /ǫ r is a measure of the penetrability of the barrier and we shall refer to ǫ a /ǫ r as the penetrability ratio. PSW pair potentials can be obtained as effective potentials for instance in polymer mixtures [10,11]. While in the majority of the cases the well depth ǫ a is much smaller than the repulsive barrier ǫ r (low penetrability limit) this mesoscopic objects are highly sensitive to external conditions (e.g. quality of the solvent) and may thus in principle exhibit higher values of the penetrability ratio ǫ a /ǫ r .It is well known that three-dimensional SW fluids exhibit a fluid-fluid phase transition for any width of the attractive square well [12][13][14][15][16], the liquid phase becoming metastable against the formation of the solid for a sufficiently narrow well [15]. It is also well established that in the PS fluid (that lacking an attractive component in the pair potential cannot have a fluid-fluid transition) an increase of the density leads to the formation of clusters of overlapping particles arranged in an ordered crystalline phase [3,[17][18][19].While the nove...