Domenica, 23 Settembre 2018

Italy may reimburse 60 bln in private debt, Passera says


Rome, April 11 - Italian industry minister Corrado
Passera on Thursday said the Italian government may be able to
pay back 60 billion euros of debts it has outstanding with
private-sector companies acting as suppliers and services
providers for the state, raising the original amount the
government has said it will reimburse by a third.
Italy's government last month announced plans to pay back
40 billion euros in the next two years, saying that it was
likely this will produce positive stimulus results by mid-2013
by helping companies facing a credit crunch and recession.
The funds could rise to ''60 billion in the next 12
months,'' Passera said in Milan with reference to the measures
that had already been announced.
The action was made possible after European Commission (EC)
in Brussels gave Italy more flexibility by relaxing its
budget-deficit targets, despite the stability pact signed by
nations including Italy that fixed those debt levels.
The outgoing government, led by caretaker Premier Mario
Monti, has raised its deficit target for 2013 to 2.9% of gross
domestic product - a dramatic increase from its earlier target
of 1.8% of GDP.
It has also slashed its economic forecasts for 2013,
predicting a 1.3% contraction, compared with an earlier
prediction of a 0.2% fall in GDP.

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