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Italy Is Haunted by the Pain of Past Economic Crises



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TREVISO, Italy — In the flat plains of Italy’s Veneto region, in a small town about 20 miles north of Venice, Antonio Carpenedo has been developing unusual methods of making cheese. At La Casearia Carpenedo, wheels of cheese are dunked and aged in wine — red, white and Prosecco — while others are covered in hay and aged in barrels.Mr. Carpenedo built this “drunken cheese” company out of the debris of financial disaster. In the 1980s, rising interest rates shattered his previous cheese-making business. “They bled us dry,” he said, recalling rates of 27 percent. The business had to be sold, and he started over.Today, fear of another financial catastrophe triggered by rising interest rates and economic uncertaint …

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