Ciao to la Dolce Vita for Italians

THE Dolce Vita lasted for a long time in Italy, but now it’s back to reality.

Post-war prosperity allowed hundreds of thousands of workers to retire with full benefits before the age of 50. Public spending ran over, creating bloated bureaucracies and a political class that consume half of the national wealth generated each year. Easygoing Italians, expecting little from the state, rarely think twice about paying under the table for home improvements, dental work or even a frothy cappuccino.

But the bill for decades of excess is coming due, and the price to escape Europe’s sovereign debt crisis is steeper than many feared.