Out of the 158 years of Italian unity, 127 years have been marked by a public debt that was higher than the other countries that today form the G7. Although historically a country with a high debt, Italy however has only had two minor cases of default and that occurred together with other important European countries. The slightly smug conviction of being an indebted but stable country is part of Italy’s national character. However, it is necessary for Italians to ask themselves if anything has changed in recent years and if that self-indulgence has become a rather dangerous illusion.
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