Italy’s Debt Nears 2 Trillion Euros

Italy’s debt hit a record 1.813 trillion euros (US$2.2 trillion) in April, gaining 0.8 percent over the previous month. The news comes on the heels of efforts by the Italian government to reduce public spending and bring the country’s deficit down to 2.7 percent of GDP from the current rate of 5.3 percent.

Among other measures, Italy’s government will freeze public sector salaries for three years, step up its fight against tax evasion and cut ministerial budgets by 10 percent.

Source: Associated Press

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