Awful Italian GDP

Italian prime minister Mario MontiItalian prime minister Mario Monti

Photo: Sean Gallup/Getty Images

Italy’s economy is shrinking quickly.For Q1, the economy shrank 0.8% sequentially. That’s worse than the consensus, which was either 0.7% or 0.6% according to Markit.

A wider and wider swath of the Eurozone economy is in desperate need of a jolt. Numbers like these ensure that the backlash to austerity accelerates.

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