Bank of Italy says country needs cohesion to grow, cut debt

Italy's central bank called on Saturday, February 6, for cohesion as the country battles a government crisis, saying it was imperative to revive growth and reduce a public debt that the coronavirus pandemic has pushed to levels last seen after World War I.posing a major challenge"We cannot cultivate the illusion that the public debt can increase indefinitely," Bank of Italy Governor Ignazio Visco told a gathering of financial market participants.

The central banker flagged"very substantial risks" threatening the base forecast of a recovery in output starting in the spring, mainly due to the danger that containing the pandemic proves harder than expected. Draghi's prospects of securing a majority in parliament advanced on Saturday when the two largest parties, the anti-establishment 5-Star Movement and the rightist League, both gave him their conditional backing.

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