Brussels Edition: The Italian Quandary

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Even as the coronavirus seems to be loosening its deadly grip on Italy, one of the principal worries of the founders of the euro is materializing: the finances of the common currency’s third-largest economy are largely dependent on support from the ECB and the rest of zone — whether the Germans and the Dutch like it or not. Complicating matters, Rome’s political resolve to play ball with its partners is beginning to show cracks, while the country’s depressed south is turning into a powder keg. Next Tuesday’s call between euro-area finance ministers to find a structured way to contain the outbreak’s economic fallout and support the region’s recovery may prove crucial, especially since any such plan would need the backing of a furious Italian government.