The picture is little better in Italy, where the current-account balance has swung from a surplus of around 2% of GDP to a 3%-of-GDP deficit over the last ten years. The country’s TARGET debt grew by €76 billion from February to March, with the total since July 2011 reaching €276 billion.
意大利的情况要好一些，过去十年来经常项目收支在2%GDP盈余和3%GDP赤字之间波动。今年2月—3月，意大利“目标”系统债务增加了760亿欧元，2011年7月以来的总额为2760亿欧元。意大利也面临着资本枯竭的问题；事实上，投资者的外逃加速了欧洲央行的流动性注入。