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I have a 76 with the paint bubbling up. This was the first year in the US that galvanized body panels were used throughout. I don't know about the Euro models. Someone here does. Anyway, the paint is peeling off the galvanized panels with bright clean metal underneath, apparently a feature of the 1976 galvanizing before Porsche painters figured out how to paint zinc. You may be in the same boat: no rust, just paint peeling off the zinc. A quick fingernail will tell you.
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