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Italy tightens it's belt.

While Obama keeps devaluing our currency to spend more, Italy is taking practical moves.

Like the US, Italy just had it’s credit score downgraded due to it’s rising debt. So the Italian government plans to reduce the debt by selling g0vernment assets.


Italy’s Treasury Department announces plans to sell real estate and other assets owned by the government in order to shrink the country’s supernumerary public debt.

The Treasury said on Thursday that the initiative is hoped to raise 35-40 billion euros (USD 47-52 billion), Reuters reported.

It said the government’s measures to boost its income through the means could reduce the country’s budget deficit by 9.8 billion euros (USD 13.2 billion) by 2020.

“Today a big structural reform gets underway to reduce the debt and to help the country’s modernization and growth,” Italy’s Economy Minister, Giulio Tremonti, noted.

According to the Treasury, the country’s total state-owned assets are worth 1.815 trillion euros (USD 2.4 trillion), which is a little less than Italy’s public debt.