Car sales in Italy are back to where they were in 1964. The economic slowdown is worse than most people imagine.
Think about a modern nation in which more people buy bicycles than cars. This is Third World status.
There is no way to sugar coat this. This is not a desire to get more exercise. This is a capitulation to an economic setback not seen in half a century.
Italy’s government is close to bankruptcy. It may go into default before Spain does. The investors who think Italy’s bonds are safe are fooling themselves. The population is in bad shape economically. There is no recovery in sight.