Venerdì, 19 Ottobre 2018

Credit crunch has cut 'tragic hole' in Italy, says Squinzi


Rome, June 5 - The credit crunch in Italy has
created a "tragic" hole of 50 to 60 billion euros for the
country's businesses over the last 18 months, the head of
Italian industrialists' confederation Confindustria, Giorgio
Squinzi, said on Wednesday.
"This is a problem that has to be tackled, because once
(businesses are) closed, there is no re-opening," he said
commenting on a Confindustria report saying that an alarming 15%
of Italian manufacturing capacity has been destroyed by the
economic crisis.
"When the recovery starts, Italy might not be able to take
part because its motor has been broken," Squinzi said.
Banks cut 44 billion euros worth of credit to Italian
companies in 2012, according to a report by rating agency
Standard & Poor's released on Wednesday.
"We are living in difficult times, but as long as we are
united and convinced of our possibilities, I will continue to
have the utmost faith that we are strong enough to confront and
overcome this period," Squinzi said.
A comprehensive strategy that looks to the
"long-term...must be launched immediately on several fronts,
otherwise what we take with one hand we lose the other," the
Confindustria chief said.
Italy's manufacturing is in peril, Confindustria warned
in the report, while stressing that helping the sector
capitalise on its huge potential would contribute to emerging
from the country's longest recession in over 20 years.
Squinzi emphasised that "those who are determined to grow
will grow" by entering the global market - "something Italy
absolutely needs".
"The country needs to roll up its sleeves," Squinzi said.

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