In: Blog12 Aug 2012
Italy’s GDP was down 2.5% in the 2nd quarter of 2012.
And the priority of the Italian government is, guess, debt reduction. Just like in all European states.
This Chart shows that eurozone governments have managed to reduce their deficits in 2011, and this also means that the net savings of the private sector have dropped, just at a time when a large number of private agents are trying to pay off their debt.