Ferdinando Giugliano, Columnist

The Euro’s $2.7 Trillion Italy Problem

Politicians in the euro zone's most-indebted country can make or break the single currency.

April 4, 2019 at 4:01 AM UTC

Ferdinando Giugliano is a former Bloomberg Opinion columnist. He was previously a member of the editorial board of the Financial Times.

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This article is part of the April 9, 2019 issue of Markets.

If you’re seeking the key to the euro zone’s economic outlook, all roads lead to Rome.

Italy’s public debt of €2.4 trillion ($2.7 trillion) is significantly bigger than its economy and among the largest in the currency union, making it the most dangerous. This debt mountain threatens the financial stability of Italy and the future of the euro: Any plans to strengthen the single currency must solve the question of who will bear this burden.