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Italy's public debt hits new record

The Local · 14 Jul 2015, 16:30

Published: 14 Jul 2015 16:30 GMT+02:00

The hike was attributed to increased Treasury liquidity, the fall in the euro and bond market conditions, the bank said. Italy’s public debt rose 3.9 percent in the first five months of the year.

The country’s debt-to-GDP ratio stands at 133.1 percent - the second largest in the eurozone after Greece – and is up from 130 percent in 2013 and 120 percent in 2010.

The new figure sparked criticism from opposition politicians, who hit out at Finance Minister Pier Carlo Padoan for failing to reduce the debt load.

Renato Brunetta, the leader of the Forza Italia party leader in the chamber of deputies, said:

“A new record for Italian public debt. Wasn’t Pier Carlo Padoan supposed to stabilized and reduce it?”

Story continues below…

Padoan said in an interview with Il Sole 24 Ore published on Tuesday that "18 months ago we risked much more," adding that structural reforms have helped paved the way towards growth.
 

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