Italy's debt exceeds 2 trillion euros

Dec. 14, 2012 at 5:55 PM

ROME, Dec. 14 (UPI) -- Italy's national debt exceeded 2 trillion euros in October, the Bank of Italy said Friday.

The country's debt reached a record high of 2.014 trillion ($2.64 trillion), which amounted to 33,081 euros ($43,448) for each person who lives in Italy, the central bank said.

The Italian news agency ANSA said the national debt has risen by 71.238 billion euros since January.

The debt rose despite tax revenues increasing by 2.9 percent in the first 10 months of this year.

Bank of Italy Governor Ignazio Visco warned last month the national debt will continue to grow for some time, despite the austerity measures.

"It's arithmetic. As long as there's a budget deficit, the debt will increase," Visco was quoted as saying. "We'll have many more records in front of us until we balance the budget, not just in structural terms, but also in absolute terms."

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