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Eric Reguly
Eric Reguly

Italy’s potential downfall could prove fatal to the European Union Add to ...

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Which country is deeper in the hole, Greece or Italy? Obviously Greece – the country has been in near recession or depression since the 2008 financial crisis.

But extend the measurement period and it is Italy that emerges as the dud economy. Between 1998 and 2016, real gross domestic product per person in Greece rose more than 3 per cent, suggesting the poster child of the European debt and economic crisis is still wealthier now than it was two decades ago – as incredible as that sounds. Italy? Real GDP per person is actually down 0.4 per cent since 1998, making it the big loser among the 19 European Union countries that use the euro.

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