Mounting Italian debts to be paid after sale of state assets

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2012-06-17

The Italian debt burden has continued to grow over the past months, with Prime Minister Mario Monti trying to keep the country afloat.

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A large part of the Eurozone crisis, Italy needs to raise over 10 billion euros to stave off any further reduction in gross domestic product.

The Italian government has said it will sell off three state-owned companies as a means of reducing debt.

The companies are Fintecna, Sace and Simsest.

They are all vested in the country's economic ministry.

The sell-off will mean a reduction in jobs for public servants.

Prime Minister Monti has also proposed a reduction in the size the country's military forces and military property, which will be onsold for property development.

Source: Italy News.Net

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