Economy

Italy living on old savings

colosseo

According to data released by the Bank of Italy in the context of a ECB initiative, Italians have a bigger patrimony than other people in the EU, but a lower income.

This is a good picture of a country living on old savings, stockpiled in the decades when the economy was booming but Italians were still used to a very modest lifestyle, and therefore big savers.

This means that, notwithstanding a financial, economic and social crisis already evident and the political deadlock, the worst could be yet to come for Italy: as soon as the old saving are exhausted, the real troubles will begin.

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