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Italy's 2017 Deficit, Debt Revised Up On State Aid to Banks

Italy’s 2017 public deficit and debt were raised to include the government’s winding down of Banca Popolare di Vicenza and Veneto Banca as well as the precautionary recapitalization of Banca Monte dei Paschi di Siena.

Last year’s debt was revised to 131.8 percent of gross domestic product, statistics bureau Istat said on Wednesday in Rome. That is up from a 131.5 percent preliminary estimate released on March 1 and slightly down from 132 percent in the previous year. The deficit for 2017 was revised to 2.3 percent of GDP from a preliminary 1.9 percent.