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The European Commission recommends that legal action be launched against Italy over its growing debt.
Via Graham Watson
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Rescooped by Bruce Fellowes from International Economics: IB Economics |
Scoop.it!
Via Graham Watson
Alas, poor Italy - it has fallen foul of the EU Growth and Stability Pact with debt levels of more than 130% of GDP, and not the 60% that the EU require.
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Worse still, it's current policy choices are seen as to blame for this - with the decision to cut taxes, in the hope that growth will outstrip the growth in debt, thus reducing the % debt, seen as playing a key part in this.