Economy Minister Pier Carlo Padoan has said Italy is turning the corner on its massive public debt of over two trillion euros, which is forecast to start coming down this year. "This will mark a turning point for the country and change the skepticism that the markets have regarding the Bel Paese," Padoan said in an interview with Bloomberg. The minister was commenting amid turmoil on the money markets, which saw the spread between Italy's 10-year BTP State bond and the German equivalent rise sharply on Monday. Italy's high debt of over 132% of GDP was the reason the country risked a Greek-style financial meltdown at the height of the eurozone crisis in 2011, when the Italian spread hit peaks of over 500 points.
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