Reality Strikes As Italy Slashes Economic Growth, Hikes Deficit Forecast

Tyler Durden's picture

For all those who thought the smooth-talking, avuncular Goldman operative Mario Monti would never lie when he said "Italy is fine", we have some bad news. He did:

  • *ITALY REVISES 2012 GDP TO -2.4% FROM -1.2%
  • *ITALY REVISES 2013 GDP TO -0.2% FROM GROWTH OF 0.5%
  • *ITALY RAISES 2012 DEFICIT TARGET TO 2.6% FROM 1.7%
  • *ITALY REVISES 2013 DEFICT TO 1.6% OF GDP FROM 0.5%
  • *ITALY SEES 2012 DEBT AT 126.4% OF GDP, 2013 DEBT AT 127.1%