Italy is in the midst of an acute economic and health crisis. Little help has been forthcoming from the EU or European Central Bank. Europe had got off to a very bad start in dealing with the developments of the current coronavirus epidemic. Hypocritically, the Commission had loosened the budgetary constraints (now permanently suspended), as if they would not have been violated anyway to support health and economic expenditures. Furthermore they assumed this one measure would solve the problems descending on EU nations. As is well known, the possibility for a government to maintain deficit spending depends on the interest rates it has to pay on its debts.