Italy escapes a fiscal crisis despite its enormous debt

European policymakers are wondering whether they can learn something from the way Italy managed its public finances during the economic downturn, according to Der Spiegel. Italy's sovereign debt is 115.8% of gross domestic product, the highest in Europe, but the country was largely untouched by the euro zone's debt crisis. Italy has not bailed out banks, experienced a housing bubble or dealt with a bloated construction industry, Der Spiegel notes.
Der Spiegel