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Friday, February 22, 2013

Mammoth debt hangs over next Italian government

A man walks past election campaign posters of PDL (People of Freedom) member Silvio Berlusconi in MilanMILAN (Reuters) - Whoever wins Italy's elections this weekend will inherit a 2 trillion euro ($2.7 trillion) public debt that is draining badly needed funds which would be better used to spur growth. At 126 percent of gross domestic product, Italy's debt is at its highest since World War One. Tough austerity measures since November 2011 by the outgoing technocrat government of Mario Monti pulled Italy from the brink of a Greek-style financial collapse, but did not stop the debt mountain rising. ...



READ THE ORIGINAL POST AT news.yahoo.com