Domenica, 23 Settembre 2018
ROME

Italy national debt surpasses two-trillion-euro mark

English
© ANSA

Rome, December 14 - Italy's public debt crossed the
two-trillion-euro mark for the first time in October when it
reached a record high of 2.014 trillion, the Bank of Italy said
on Friday.
The central bank said the national debt had increased by
71.238 billion euros, 3.7%, since January, when it stood at
1.943455 trillion.
It added that the debt amounted to 33,081 euros for every
person who lives in Italy, babies included, on the basis of
Istat estimates that put Italy's population at 60.9 million
people.
Italy's huge national debt, which is around 126% in
relation to gross domestic product (GDP), is the reason the
country has been exposed to the eurozone debt crisis.
Furthermore, the eurozone crisis has caused Italy's
borrowing costs to rise and made it more expensive to service
the country's massive national debt.
The debt rose despite tax revenues increasing by 2.9% in
the first 10 months of this year, compared to the same period in
2011, following austerity measures introduced by the government
in order to put Italy on track to balance its budget in
structural terms next year.
Bank of Italy Governor Ignazio Visco warned last month that
the national debt is destined to keep setting records for some
time yet, despite Monti's painful austerity measures, which have
deepened the recession Italy slumped into last year.
"It's arithmetic. As long as there's a budget deficit, the
debt will increase," Visco said. "There's nothing than can be
done.
"We'll have many more records in front of us until we
balance the budget, not just in structural terms, but also in
absolute terms".
A country is considered to have balanced its budget in
structural terms if government revenues match expenditure when
the data is adjusted to take account of the business cycle.
There was some good news, as Italy's regional governments
and town councils managed to reduce slightly their contribution
to the national debt.
The central bank said local-government debt amounted to
134.205 billion euros in October, compared to 134.551 billion in
September.

photo: Ignazio Visco

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