News Summary: Italian debt tops 2 trillion euros

Last Updated: Fri, Dec 14, 2012 17:30 hrs

: Italian public debt has swelled to its highest ever level, reaching €2.014 trillion ($2.64 trillion) in October, the Bank of Italy said Friday.

HARD TIMES: The Italian economy, the third-largest among the 17 European Union countries that use the euro, is in recession as the government has cut spending and raised taxes to get a handle on its debt.

PILING UP: The latest figures show the debt pile has risen by 3.7 percent since January 2012. With debts worth 126 percent of the country's annual economic output, Italy has the second-highest debt-to-GDP ratio in the eurozone, behind only Greece.

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