The deteriorating economic climate in Italy

When it comes to the euro zone, most eyes are fixed on Spain and Greece where a debt deflationary death spiral has begun. But the economic situation remains fragile in other countries of the so-called periphery. Italy is the largest peripheral country and deserves a lot more attention given its political and economic weight within the European Union.
According to the Wall Street Journal, the Italian government lowered its projections for the Italian economy saying GDP would shrink 2.4% this year and another 0.2% in 2013. The government had been projecting 0.5% growth for 2013. They also said this "slightly negative" figure shouldn't overshadow the improving trend, because the government the Italian economy to expand on a quarterly basis starting in 2013. I'm not sure where these numbers a...

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