Gianluca Piccolino

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Italians are tired of living under austerity. That could be a big problem for Europe

Will Italy’s new government be able to reboot the economy? With national debt at 131.8 percent of GDP, unemployment at 11.2 percent and one of the slowest growth rates in the euro zone, the Italian economy has been struggling for some time.

Italians are struggling as well. Austerity measures mandated by the European Union since the beginning of the decade failed to sort out longtime structural problems. Rome has few economic tools to jump-start the economy because euro-zone countries agree to follow E.U. monetary guidance aimed at stabilizing the currency for all euro-zone members.

Despite some E.U. concessions obtained by former prime minister Matteo Renzi, the country is still obliged to severely reduce its budget deficit and public debt to respect the European guidelines and avoid heavy economic sanctions.…  Seguir leyendo »