EU Is Italy’s Only Hope to Manage Debt, Austria’s Kurz Says
- Chancellor rejects Italy’s push for joint European borrowing
- Austria’s economic recovery hinges on reopening EU borders
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Italy’s debt load is so big that the country’s only chance is to get help from the European Union, according to Austrian Chancellor Sebastian Kurz.
A chronic economic underperformer, Italy was already heading for a recession before the pandemic hit. Now, with the European Commission forecasting that gross domestic product will shrink 9.5% this year, Italy’s debt is set to balloon to close to 160% of national output.