OECD says Italy's debt won't come down till 2016 - update

(ANSA) - Paris, May 6 - The OECD said in a report Tuesday that it forecasts that Italy's "ratio between debt and GDP will not start to come down before 2016". The organisation forecast a debt-to-GDP ratio of 134. 3% for Italy this year and said it expects this to rise to 134.5% in 2015. It added that Italy's massive public debt of over two trillion euros made it "still vulnerable to potential jolts" on the market, saying this meant it is "essential to continue with caution with the public finances, basing policy on spending cuts". Italy risked a Greek-style financial meltdown in 2011 when it got dragged into the eurozone debt crisis because of its high debt levels.