Maybe surprising to some, Italy actually runs a primary budget surplus (balance before interest...

|By:, SA News Editor

Maybe surprising to some, Italy actually runs a primary budget surplus (balance before interest payments). The issue (and this goes for France as well) is slowing economic growth necessitating an even larger surplus to keep debt levels from exploding. Fiscal austerity promises to slow growth even more, requiring more austerity ... it's an ugly cycle.