Italy's State pension and social security agency INPS said it posted a deficit of 12.7 billion euros in 2014. However, the agency stressed that its operating deficit was much lower, 7.8 billion euros, adding that the sustainability of the social-security system "is not at risk".
INPS added that its net worth rosed from 9.028 billion euros to 17.952 billion thanks to the State covering debts from INPDAP, an agency for public-sector workers that has been incorporated into INPS.
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