Joining the euro may have allowed Italy to borrow at lower rates than under the lira, but it also denied Rome the deflationary options to raise earnings though exports and tourism.

相较于里拉来说，加入欧元体系或许可以让意大利以更低的利率借贷，但也同样对罗马通过出口和旅游业来增加收入的通货紧缩政策表示拒绝。

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Yet the analogy with Argentina might have been closer still had Italy retained the lira, and thus been subject to the same sort of speculative pressure that eventually broke Argentina's link to the dollar.

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Without necessary reforms, eventually this vicious circle of stagdeflation would force Italy to exit EMU, return to the Lira and default on its Euro debts.

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Last autumn saw tense negotiations between Germany, on one side, and Italy on the other about the proper rate for the lira.

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