Italy,"Debt reduction 'unavoidable" says Visco


Cutting Italy's huge debt is "unavoidable", said Bank of Italy Governor Ignazio Visco in a general meeting in Rome on Friday.

"The reduction in the ratio of debt to GDP remains the unavoidable challenge for our country: its speed depends on the return to a stable and sustained growth", said Visco.

Italy's debt-to-GDP ratio is the second largest in the euro zone next to Greece, at approximately 133%. Visco added that "significant results" have been achieved and "we are close to a structural balance of public finances." According to national statistics agency ISTAT reports in early May, the country's GDP dropped 0.1% between January and March compared with the same quarter in 2013, ansa reports.
Italy,"Debt reduction 'unavoidable" says Visco Italy,"Debt reduction 'unavoidable" says Visco Friday, May 30, 2014 Rating: 5
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