Skip to comments.Italy's public debt hits record
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 ...
Nigel Farage was right. Again.