Martedì, 16 Ottobre 2018

Confindustria chief blasts Italy's 2012 austerity measures


Milan, June 10 - The head of the powerful Italian
industry federation Confindustria on Monday blasted austerity
measures taken by the government last year to tackle sovereign
debt crisis, and warned that more austerity was unlikely to
provide answers to the country's current economic woes.
"If rigor and austerity reduce our social fabric to its
knees and the patrimony of our companies to the point where
others can come shopping and take home our best pieces at
discount prices, we must say no," Confindustria President
Giorgio Squinzi told a conference of the federation's Lombardy
branch, Assolombardo, in Milan.
Squinzi warned that the accepted wisdom touted by Italy's
European partners and the International Monetary Fund had only
aggravated Italy's economic squeeze.
"By accepting monetarist cliches, we ended up compromising
our domestic market," Squinzi said.
"Keeping to the dictates of austerity as an end in itself
and aseptically accepting to reduce the GDP-debt ratio, without
any economic logic to accompany this choice".
Squinzi added that the policy has even failed to achieve its
original aim.
"When the Monti government took office, the debt-to-GDP
ratio was 117%.
Now we are at 127% and the forecasts for this year take us
to at least 132%," he said.

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