Rome

Italian families feel recession crunch in household savings

Purchasing power fell 3.5% during first half of 2012

Italian families feel recession crunch in household savings

Rome, October 23 - Italian families continue to feel the crisis crunch and have seen their household savings fall to an all-time historical low of 8.1% of total income, Istat President Enrico Giovannini said Tuesday in government meetings to discuss Italy's so-called Stability Law. "Italian households' purchasing power fell 3.5% in the first half of 2012," Giovannini said at a hearing in the House Tuesday to discuss budget proposals. "Families' ability to save is lower than ever," Giovannini said.

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