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Italian Finance Minister: UK’s fiscal position worse than Italy’s

By Jay Elwes  

Italy’s Finance Minister has told Prospect that Britain’s fiscal position is worse than that of Italy. Pier Carlo Padoan, formerly the Chief Economist of the OECD and who was chosen in February by Italy’s Prime Minister Matteo Renzi to oversee Italy’s economic recovery, said in an interview that: “the fiscal numbers, if I may say so, are worse in the UK than they are in Italy.” For this reason, he said, in Britain, “the need for fiscal consolidation is more urgent.”

He stressed that, while Italy had a greater level of debt than the UK—over €2 trillion—in the case of…

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