Bloomberg News

Bank of Italy’s Visco Says Country Risks Economic Stagnation

August 30, 2011

Aug. 30 (Bloomberg) -- Bank of Italy Deputy Director General Ignazio Visco said the country is at risk of economic stagnation and that the central bank will closely monitor the government’s austerity plan.

Visco, speaking in testimony before the Senate in Rome, said Italy’s debt has been the country’s biggest problem for three decades. Gross domestic product growth may be less than 1 percent this year, he said, and weaker next year.

The country’s weak growth makes deficit and debt goals “difficult,” Visco said, and the austerity plan will also affect growth.

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net


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