Italy Public Debt Hits Record, Bailout Looms |
CNBC - Aug 13, 2012 |
Italy's public debt hit an all-time high in June of almost 2 trillion euros and the annual budget deficit was also bigger than a year before, due largely to Italy's share of bailouts for other euro zone states, the central bank said on Monday.
Public debt at the end of June rose 6.6 billion euros to 1.973 billion euros, the Bank of Italy said, as the Treasury's cash reserves increased by 10.3 billion euros.
Italy's benchmark bond yields remain close to 6 percent despite tough austerity measures introduced by Mario Monti's technocrat government.
With the country mired in a deep recession, markets are sceptical of Italy's ability to bring down a debt pile equivalent to around 123 percent of output, the second highest debt in the euro zone after Greece's
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- Posted: 2012-08-13 15:03:46
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