... like the debt in the sky

IIPM PUBLICATION
But then, Prodi must not forget that as per the government’s estimates, Italy’s debt levels (which are already the highest in Europe) will move upto a mind boggling 108% of the Italian GDP. Looking at his commitpuny strength in the Parliament, certainly, it will be difficult for Prodi to get his proposed tax hikes cleared. Although Prodi might say, “We are certain that the next judgments will register positively’,’ he must be worried about the pressure that will mount soon on the Italian Lira.

Prodi definitely needs to bring in radical changes in ways and means of government spending & receipts in order to avoid the debt trap. If not, then it won’t be much late before the rating trouble will lead to a currency trouble.

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Source : IIPM Editorial, 2006

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