For the past decade, international economists and ratings agencies have been blaming Italy’s gigantic debt load for making the nation the most worrisome basket case among Europe’s major economies. That burden is so heavy that Italy can only lure investors to buy its bonds by paying rates 2.5% higher than those of fiscally prudent Germany. Its economy advances at such a sluggish pace in good times––a paltry 0.8% on average from 2014 to 2019––that Italy can’t generate gains in tax revenues big enough to match

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