All those investors who rushed into Italian debt – or Spanish debt – after the ECB’s Mario Draghi pledged to do whatever it takes to hold EMU together would find that Mr Draghi cannot deliver. His hands are tied by politics. Bondholders should be worried. But the interests of Italian democracy and foreign creditors are no longer aligned. The 1930s deflation policies imposed by Berlin and Brussels have pushed the country into a Grecian vortex. The business lobby Confindustria said the nation is being reduced to “social rubble”.