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How Worried Should We Be about an Italian Debt Crisis?
Earlier PIIE research examined whether rising interest rates might unleash a debt crisis in Italy. The answer was "no," under two conditions: First, that rising interest rates reflected economic recovery; and second, that the Italian government would be prepared to cooperate with European authorities—the European Union, the European Stability Mechanism (ESM) and the European Central Bank (ECB)—to manage a loss of market confidence. Ten months later, these conditions no longer hold. Political backlash to slow growth and immigration has produced the least cooperative government imaginable, a coalition between ... (full story)
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