Italy has economic problems, for sure, but they\’re not the same as Spain\’s problems:
Eventually, the same could happen in Italy.
No, the quite remarkable thing about Italy is that it doesn\’t, in any manner at all, have Spain\’s problem.
Which is, of course, a massive housing boom followed by a crash and now half the population* is under water on their mortgages and there are a million houses left uncompleted and unsold.
What\’s remarkable about Italy is that almost no one has a mortgage. That leverage problem just is not there in any manner at all.