Beware of mistaking Italy for Greece

Calls for a restructuring of Italy's debt are premature, and any pre-emptive move to do so could trigger a run on the country's banks, unnecessary financial instability and even the breakup of the euro.

VoxEU.org

In late 2011 as risk spreads on Italian government bonds surged to levels that had been associated with debt crises in Greece, Ireland, and Portugal, some leading economists called for a restructuring of Italy’s debt.

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