The size of the state debt of Italy in April of this year broke another record and reached a historic high of 2.373 trillion euros.
Compared with March, Italy’s sovereign debt grew by 14.8 billion euros. This was primarily due to increased costs of the central state administration, which increased by 13.9 billion euros.
The leading Italian consumer protection organization, Codacons, reported in this regard that currently there are over 39 thousand euros of state debt for every c
itizen of the country, while for every Italian family there are over 93 thousand euros. "All this is happening against the background of a decline in GDP, while economic indicators in various sectors - from trade to industry - register a negative trend," the Codacons report says.
On June 5, the European Commission officially informed that it considers justified the introduction of a procedure for correcting the situation with Italy’s excessively high government debt. The corresponding message was sent to Rome, until June 20, the Italian government should send an answer on this matter to the EC.
The so-called Excessive Budget Deficit Procedure (EDP) is the process of developing a program for an EU country to return to normal dynamics and levels of budget deficit and / or public debt indicators, which should not exceed 3% of GDP and 60% of GDP, respectively. For violation of the program of normalization, sanctions in the amount of 0.2% of GDP may be imposed on the country.