Italy’s debt hits record high in June

Italy’s public debt hit a record high in June, reaching almost €2tn, according to data released by the Bank of Italy.

Public debt increased by €6.6bn during the month, reaching €1.973tn at the end of June.

In the first six months of the year, public expenditure rose by €1.1bn year on year to €47.7bn.

Italy has a debt pile of 123% to GDP, the second highest debt in the eurozone after Greece.

The data were released just after the national office of statistics reported that in the second quarter Italy’s economy contracted by 0.7%.

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