Thursday 19 January 2017

Zero interest rates may not be a good bargain in the end

Published 06/10/2016 | 02:30

ON account of misreading the timetable, I spent part of my holiday sitting in a small Italian station waiting for a train that was not running.

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That gave me plenty of time to study how decrepit was the station, the track and all the other pieces of equipment.

It also prompted the thought that, even though Italy's borrowing costs are among the highest in the euro area, at 1.3pc for ten-year loans, surely it would make sense to raise some money and fix things up.

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