Martedì, 23 Ottobre 2018

Govt starts paying 40 billion euros in debt to firms


Rome, April 8 - A decree authorising the release of
40 billion euros over 12 months for the repayment of public
administration debt to the private sector came into force on
Monday in what has been hailed as an ''indispensable and
welcome'' move.
The decree was approved by the government on Saturday and
will have to be ratified in parliament, although the law is
already effective.
The government hopes it will give a much-needed boost to
the country's recession-hit businesses.
In an interview with Rome's Il Messaggero newspaper,
economist Alberto Quadrio Curzio said the measure would have
''important effects'', helping to mitigate the drop in gross
domestic product (GDP) in 2013 and having a more evident
positive effect in 2014.
However, the real impact of the move could only be assessed
in relation to the total ''debt stock accumulated over the
years'', he added.
Some business associations have complained that not enough
detail has been provided about how to obtain the repayments,
amid fears that the arrival of the much-needed cash may get held
up by bureaucratic procedures.
Speaking to journalists after the cabinet meeting to
approve the decree on Saturday outgoing technocrat Premier Mario
Monti said unpaid public sector debts to the private sector
amounted to 80 billion euros at the end of 2011.
''It is incredible that the exact figure is still not
known,'' said Quadrio Curzio.
''If, as some people claim, the debt stock reaches 120
billion then (40 billion euros) is the minimum essential
Last week Monti called European Economic and Monetary
Affairs Commissioner Olli Rehn to reassure him that the plan
would not not affect Italy's commitment to bringing its deficit
for this year under the threshold of 3% of gross domestic

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