Obviously, the Schwinn dealer didn't know what he was talking about since no Schwinn Paramount was ever made in Italy.
The serial number would tell us what month and year Waterford made the bike, but since it has the Henry James lugs, it has to have been after production moved from Chicago to Waterford in 1980, and Waterford only used that head badge for a year or two before dropping it in favor of a decal.
Here's the '81 Waterford Paramount. Note the world championship stripes on the seat tube and the different top tube and down tube decals than the c. 1979 decals on the OP's bike.
Serial number?
