Not really. Italy is running a budget of around 5% of the GDP. That compares with something like 23% for us. Their debt level is high, 130% compared to ours at 125. But you would do well to remember the lender is the slave of the borrower.
The Kraut economy is utterly imploding, especially after we attacked the Nordstream lines.
Italy could even start prepping to walk from the Euro. Italy is buying Russian gas. Germany is deeply unpopular, their manufacturing is in collapse, and they are not just trying to support themselves and are not even self sufficient in food, fuels etc.
The days of the 4th Reich giving assaholic lectures are over. And I notice no deep Italian commitment to the Lebensraum war in Ukraine.
That is an economic truth.
I am not trying to counter anything you posted. I just want to add my opinion that Germany will most likely get through their current self-inflicted crisis just fine.
The bigger, long-term question is how will they survive their current demographic implosion, and what kind of nation will they become?
I suppose Japan might be the model in this respect.