Audit Court warns austerity is damaging economy

Reviews of Italian public spending to be postponed

Audit Court warns austerity is damaging economy

Rome, June 27 - Government spending cuts are depressing economic growth, Italy's Audit Court warned Thursday. It also said that in the face of the national economic crisis, it will "postpone" its review of spending by public agencies. The 2012 program of budget cuts has improved the public books, but it has depressed economic growth for Italy, which is "already in difficulty and in deep recession," said Salvatore Nottola, attorney general of the Audit Court. "The future does not look better," he added in a report on government cash flows for 2012. The Audit Court has previously warned that austerity measures can be counterproductive by shrinking growth.

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