Everyone thinks they know the script of how Italy’s saga will play out. As the populists take power in Rome, they will rail against Brussels, try to fight austerity, come up with some bold plans for reforming the euro, and hold a referendum or two. And then they will meekly cave in as Angela Merkel and the European Central Bank, the euro-zone’s equivalent of Gordon Brown’s ‘big clunking fist’ from a decade ago, bring them to heel.
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