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NAPLES, ITALY - 23 JULY 2019: A view of Naples and the volcano Mount Vesuvius is seen here in Naples, Italy, on July 23rd 2019.

Italian companies are deferring expansions and limiting investment rather than risking cash in a time of uncertainty. The public debt remains monumental, running at more than 2 trillion euro ($2.24 trillion), or more than 130 percent of annual economic output. Banks are still stuffed with bad loans — albeit fewer than before — making them reluctant to lend. An economy that has not expanded over the past decade is this year widely expected to again produce no growth.

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20190722_NYT-Italy-Econ-Naples
NAPLES, ITALY - 23 JULY 2019: A view of Naples and the volcano Mount Vesuvius is seen here in Naples, Italy, on July 23rd 2019.<br /> <br /> Italian companies are deferring expansions and limiting investment rather than risking cash in a time of uncertainty. The public debt remains monumental, running at more than 2 trillion euro ($2.24 trillion), or more than 130 percent of annual economic output. Banks are still stuffed with bad loans — albeit fewer than before — making them reluctant to lend. An economy that has not expanded over the past decade is this year widely expected to again produce no growth.