Next year, when the sun-loving Germans travel to the Italian Riviera they’ll still have to change their Deutschmarks into lire – or will they? Although the lira will be the only legal tender in Italy for a further three years some economists predict that Italian shopkeepers will soon prefer to be paid in Deutschmarks and bank those, even though the lira and the Deutschmark will be components of the same mighty euro.
Why? Because of the slim chance that Italy will default and/or European economic and monetary union (Emu) will fail in its first three years.
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