Martedì, 25 Settembre 2018

Bank of Italy says squeeze continues


Rome, April 29 - The Bank of Italy warned on Monday
that Italian businesses and families are feeling economic
squeeze tighten its grip further.
"The flux of new loan defaults has increased," a periodic
bulletin of the Bank of Italy read, referring to business loans.
Meanwhile, both supply and demand for business credit have
sunk, as lenders restrict loans due to the "riskiness" of
potential debtors, and businesses increasingly no longer bother
to ask.
Italian families in 2012 saw their wealth diminish thanks
to falling housing prices and sale of financial instruments, but
also saw their indebtedness wane thanks to the dramatic
"weakening of demand for loans".
The Bank of Italy does not foresee a significant rise in
home mortgage defaults, but does predict growing demand for
personal loans and consumption on credit.
The Italian central bank noted that Italy's Achilles heel
for financial stability is its still contracting economy, while
"positive signals come from...public finances" thanks to
government budgetary discipline.
The Bank of Italy also urged the Italian public
administration to stop delaying payment on its overdue bills to
private businesses, saying it is "crucial to guarantee the
reduction of payment times" to "the 30-60 day limit fixed by the
EU directive".

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