Italy's little factories failing global tests - by Mark Landler and Ian Fisher
To find out why economists have cast Italy as "the sick man of Europe," visit this dreary town of little factories huddled in the foothills of the Italian Alps. Its specialty is brass valves, and in the past decade, the family-owned factories here have watched helplessly as their business has spiraled away, valve by valve, to lower-cost manufacturers in China. "We don't even know exactly how much of the market we are losing," said Aldo Bonomi, the general manager of the 105-year-old valve factory founded by his grandfather. "But I am very worried. If I were smart, I'd sell the company before we fall into losses."
the Italian economic crisis appears even more intractable than that faced by Germany, Europe's sick man for the past several years. While Germany has finally shaken off its malaise, the Italians seem almost paralyzed by their plight - raising fears that their country, lagging further and further behind its neighbors, may loosen the bonds of European integration.
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