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Italian public debt rises to record high in Sept
Last Updated(Beijing Time):2012-11-13 20:21

The Italian public debt reached a record high despite recent efforts to ease the overstretched finances, showed a central bank report released Tuesday.

In September, the national debt stood at 1,995 billion euros (2,536 billion U.S. dollars), 19.5 billion euros higher than in August, according to the report.

The debt rose despite a series of tax hikes and welfare cuts introduced by Prime Minister Mario Monti's emergency government of technocrats, which contributed to tax revenues rising by 2.6 percent in the first three quarters of 2012 compared to the same period last year.

On Tuesday, the government announced that its central departments are set to cut 4,028 non-management jobs.

Other staff reductions for the justice ministry and the national insurance agency will follow as part of a package passed earlier this year aimed at saving 26 billion euros over the next three years, it added.

The eurozone economic crisis has caused Italy's borrowing costs to rise thus made it more expensive to service the country's debt, which is around 126 percent to its gross domestic product (GDP). (1 euro = 1.27 U.S. dollars)

 

Source:Xinhua 
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