World Business

Italy's public debt rises to record high in May

(Xinhua)
Updated: 2010-07-14 14:49

ROME - Italy's public debt rose to a new high of 1,827.1 billion euros ($2,320.77) in May, up 15 billion euros from that of April, the Bank of Italy said Tuesday.

Related readings:  Debt crisis expected to slow recovery in euro-zone  Italy's rich get richer despite crisis: study  Italian, Spanish PM meet on eurozone stability  Eurozone nations set up $1 trillion bailout fund

It was the fifth monthly rise in a row, leading to an accumulated increase of 65.8 billion euros, or 3.7 percent, since the end of 2009.

The previous record was 1,801.635 billion euros, set in October 2009, according to the country's ANSA news agency.

With its gross domestic product at around $2 trillion, Italy has one of the highest debt-to-GDP ratios in the world. The government has been pushing through a two-year emergency 24.9-billion-euro austerity package in the wake of the eurozone debt crisis.