Rome

Italy audit court says austerity contributed to recession

Drop in GDP also affects overall tax take, institute head says

Italy audit court says austerity contributed to recession

Rome, May 28 - The head of Italy's Audit Court on Tuesday said that application of harsh austerity measures in Europe is itself one of the main causes of the continent's current recession. Speaking at the presentation of the institute's 2013 report on public finance, Audit Court President Luigi Giampaolino said: "The intensity of the austerity measures adopted by the European countries was, itself, a relevant cause of the spiraling towards recession". Giampaolino added that the loss of GDP, which earlier Tuesday he said was equivalent to some 230 billion euros in Italy, has been "translated into a drop in the overall tax take but not in a drop in the fiscal pressure" in Italy.

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