/ world today news/ In its latest report on Italy, the International Monetary Fund (IMF) puts the country’s economic growth below 1%, which is a drop from the previous rate, which was 1.1%.
The IMF says Italy will not reach pre-crisis levels until 2025, by which time its neighbors will have savings 20-25% above 2008 levels.
Italy is the third largest country in the Eurozone. Unemployment there is 11% and the banking sector is in crisis, with government debt second only to Greece in the eurozone.
Italy’s banks are under pressure as years of poor economic performance reduce tax revenues and increase the chances that businesses will find themselves in trouble and unable to keep up with their loan payments.
Italian banks are saddled with massive bad debts, and may need a significant injection of funds.
Rome, Italy
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