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Italy's debt rises at 2.1 trillion euros

 
 
 
 
 
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Italy’s enormous public debt continues to grow at an unrelenting pace. The Bank of Italy announced on Monday that the country’s debt hit a record 2.1072 trillion euros in February, over 17 billion euros up compared to January.

Within the 18-nation eurozone, only Greece had accumulated a higher overall debt mountain. Italy’s 2014 budget has been criticized by the European Commission for not doing enough to bring down debt, that stands at over around 130 per cent of the GDP. This year’s budget was passed by ex-premier Enrico Letta.

Meanwhile, the new head of government Matteo Renzi has recently unveiled a major package of tax cuts and investments to revive the struggling Italian economy.

Italy is a reliable country there is no question, they should not be afraid of us. Last week Prime Minister Renzi’s administration has approved an economic blueprint, also known as DEF – Economic and Financial Document – that aims to balance Italy’s budget in structural terms by 2016, and be in line with the EU rules.

However Renzi has failed to provide detail on promised spending cuts. Pundits have also criticized him for using one-off revenues to help finance plans for permanent tax cuts.

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