Household debt double since euro

| Mon, 08/25/2008 - 03:35

Italian household debt has doubled since the euro was introduced, a retail association reported on Thursday.

Average household debt has risen by 93% in the five years, the Cgia association said, with southern Italians getting deeper in hock than others for mortgages and other loans.

Naples held the record with debts rising by 116.36% over the five years.

But Rome and Milan were highest for the actual amount of debt, at an average 22,000 and 21,300 euros.

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