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Italy's Renzi says debt will come down this year if growth holds up

Italy's Renzi says debt will come down this year if growth holds up
February 22, 2016 04:21 pm

ROME - Italian Prime Minister Matteo Renzi said on Monday that debt will fall this year as long as growth holds up after the Organisation for Economic Cooperation and Development slashed its forecast for Italian growth last week. Renzi's government has forecast 1.6 percent growth this year, with the budget deficit seen falling to 2.4 percent of output from 2.6 percent last year. But the OECD said last week Italian growth was not likely to exceed 1 percent this year. "If we have growth of 1.4 percent and a deficit of 2.4 percent, then debt will fall," Renzi said during a news conference with foreign media. He said any decline in debt this year would be good news even if it is less than foreseen by Europe's fiscal compact. -Reuters

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