A Dictionary of Music and Musicians/Fiasco

FIASCO (a flask). 'Faire fiasco,' 'to make a fiasco,' i.e. a complete failure—a phrase of somewhat recent introduction. The term, though Italian, is not used by the Italians in this sense, but first by the French and then by ourselves. The date and origin of the expression are unknown to Littré; but it is tempting to believe the image to be that of a flask falling and breaking or, as our own slang has it, 'coming to utter smash.'

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