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Italy posts 8.2 billion euro state sector deficit in June as Veneto banks weigh
July 3, 2017 / 5:09 PM / 5 months ago

Italy posts 8.2 billion euro state sector deficit in June as Veneto banks weigh

ROME (Reuters) - Italy posted a state sector deficit of 8.2 billion euros in June, compared to a surplus of 8.654 euros in June, 2016, the Treasury said in a statement on Monday.

A Banca Popolare di Vicenza sign is seen in Rome, Italy, March 29, 2017. REUTERS/Alessandro Bianchi

The cumulative January-June deficit was 50.188 billion euros, some 22.5 billion more than in the first six months of 2016.

The Treasury said the size of the June 2017 deficit was affected by the 4.8 billion-euro costs of winding up two failed regional banks in the Veneto region and the delay of tax receipts amounting to about 13 billion euros.

The SSBR, a measure of the gap between central government spending and income, differs from the broader public sector, or “general government” accounts, which the Maastricht Treaty and the EU Stability and Growth Pact refer to when assessing countries’ deficit performances.

Reporting By Philip Pullella

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