Long Title:
Italy’s 'this time it’s different' moment: With rejoinder by Giavazzi
Teaser:
Some maintain that Italy and Spain risk losing market access for their sovereign bonds despite drops in yields. A recent Vox column by Francesco Giavazzi suggested that Italy could and should avoid a bailout. This column argues that in spite of all its admirable human and economic assets, Italy has moved to a bad equilibrium from which it is most unlikely to escape.
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The recent article by Francesco Giavazzi is both depressing and déjà vu all over again.
