Posted on 08/16/2012 7:34:23 PM PDT by Olog-hai
Italy's public debt hit an all-time high in June of almost €2 trillion and the annual budget deficit was also bigger than a year before, due largely to Italy's share of bailouts for other eurozone states, the central bank announced.
Public debt at the end of June rose €6.6 billion to €1.973 trillion, the Bank of Italy said yesterday (13 August), as the Treasury's cash reserves increased by €10.3 billion.
Italy's benchmark bond yields remain close to 6% despite tough austerity measures introduced by Prime Minister Mario Monti's government.
With the country mired in a deep recession, markets are skeptical of Italy's ability to bring down a debt pile equivalent to around 123% of output, the second highest debt in the eurozone after Greece's. …
(Excerpt) Read more at euractiv.com ...
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