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“Euro bonds to tackle the coronavirus will not erase or mutualize previous debts,” read the Italian translation of the letter posted on Twitter by European Parliament member Carlo Calenda, one of the signatories.

Eventually, the interference of the Parrish Street Gang in religious affairs led one White Rock minister to protest attempts to “Mutualize” his church.

Italy’s confusion about its political and economic future — and its already large stock of nonperforming loans — are more reasons Germany will continue to refuse to mutualize eurozone debt and provide bank deposit guarantees across the eurozone.

“What we don’t want is, so to speak, to mix up liabilities and responsibility, or rather to simply mutualize debt, without becoming competitive,” she said.

In that case, the solution would lie in boosting domestic demand in Germany and finding ways to write off or mutualize some of the debt overhang in the crisis countries.