Could the Italian Lira Make a Comeback?
The erstwhile European currency known for packing the weakest punch may be resurrected. An Italian comedian-turned-politician is circulating a petition — and it’s no joke — to leave the eurozone and readopt the lira. With the Italian economy in a profound depression, chances for the lira’s comeback are improving. Fellow EU nations like Spain and Ireland are recovering after painful restructuring, but Italy’s reform attempts have failed, leaving currency devaluation its best hope. To do that, it will need its money back.