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Italy's Business Association Hopes Bill on Budget Cuts to Reduce External Debt

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Flag of Italy - Sputnik International
The director of GIM-Unimpresa, the association of Italian entrepreneurs in Russia, told Sputnik on Thursday that he hopes for a draft law recently supported by the lower house of the Italian parliament to contribute to reducing country's external debt.

Italian Prime Minister Paolo Gentiloni listens to questions during a media conference at the end of an EU summit in Brussels on Friday, March 10, 2017 - Sputnik International
Italy Would Support Extension of Anti-Russia Sanctions, Prime Minister Says
ST. PETERSBURG (Sputnik) — On Wednesday, Italy's Chamber of Deputies backed the bill on amendments for the reduction of the budget deficit proposed by the Italian government.

"This external debt is one of the factors of stalling the growth. I hope that our government can change little by little this tendency via this means [of legislation], it would be a great indicator for the finance market," Antonio Piccoli said on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

The GIM-Unimpresa official added that Italy's state debt was the most important problem of the Mediterranean nation.

"It's widely known that Italy's state debt exceeds the state budget and it has to be solved, this problem is the main problem for Italy's economy," he added.

Italian economy has one of the biggest external debts, exceeding $2 trillion, or 132 percent of the country's GDP, according to the EU statistical agency Eurostat.

SPIEF, held in Russia's northwestern city of St. Petersburg, is a major business and economic event which will be continue until Saturday. The Sputnik news agency is the official media partner of the forum.

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