World Italy Eyes $29 Billion in Extra Spending to Rescue Economy

08:15  23 july  2020
08:15  23 july  2020 Source:   bloomberg.com

Italian, Slovene presidents hold hands, recall sad times

  Italian, Slovene presidents hold hands, recall sad times The presidents of Italy and Slovenia met at several ceremonies on Monday linked to sorrowful events in their nations' shared history and aimed at reinforcing reconciliation. In the area of Trieste, a port city near Italy’s border with Slovenia, Italian President Sergio Mattarella and Slovenian President Borut Pahor held hands and observed a minute of silence at a monument to four anti-Fascist Slovenes who were executed by Italian dictator Benito Mussolini’s regime in 1930. The four became symbols the Slovene minority's resistance to Italian Fascism.

ROME (Reuters) - The Italian government approved 25- billion euros (.93 billion ) of extra spending late on Wednesday, the third major The government has said it will present the measures in an emergency decree early in August, following a parliamentary vote on July 29 to authorise the

The 750 billion -euro (5 billion ) stimulus agreed on Tuesday could take many months to start arriving in the continent’s worst-affected economies , but the assurance That message of unity gives highly indebted Italy leeway to keep tapping cheap borrowing costs to fund its own economic revival.

(Bloomberg) -- Italy’s government approved a proposal for 25 billion euros ($29 billion) in extra spending as it battles to rescue an economy devastated by the coronavirus pandemic, the cabinet said in a statement.

A cabinet meeting Wednesday evening hosted by Prime Minister Giuseppe Conte backed the demand to widen the budget deficit this year, which will go to parliament for approval. The extra money will be used to help businesses with temporary layoffs and liquidity and provide subsidies to local and regional authorities, the government said.

The 700 Billion-Euro Man Counting Every Cent to Keep Italy Afloat

  The 700 Billion-Euro Man Counting Every Cent to Keep Italy Afloat Italy’s finance minister Roberto Gualtieri has amassed unprecedented power from the push for EU stimulus.The finance minister is not someone who leaves details to his staff. As his team runs through their projections for government revenue and spending, the boss checks the arithmetic himself.

Italy , the region’s first economy to be crippled by the virus, is counting on assistance In Italy , where the agreement was lauded by front-page headlines, the stimulus will mean total spending of about 2% of GDP Whether the euro zone’s third-biggest economy can reap the full benefit is another question.

France, Spain and Italy have called for the EU to introduce joint debt sales but governments such as Germany and the Netherlands have rejected so-called coronabonds Germany’s public-sector deficit will widen to more than 7% of GDP this year due to extra spending to tackle the crisis, according to

As the first European economy crippled by the virus, Italy is under pressure to increase spending to ignite a recovery. While activity has started rebounding since the government relaxed a lockdown, there’s concern the coming months will bring more pain when aid measures expire, including a ban on firing staff and the suspension of tax and loan payments.

a screenshot of a video game: The EU deal gives investors less reason to worry about Italy © Bloomberg The EU deal gives investors less reason to worry about Italy

Read More: EU’s Rescue Gives Italy a Fillip Even If Money Takes Longer

The government had already approved two stimulus packages worth a total of 75 billion euros. Italy expects to receive the biggest share of a 750 billion-euro recovery fund approved by European Union leaders this week.

Conte told the Senate in Rome on Wednesday that the country will benefit from total funding of 209 billion euros in grants and loans under the package.

(Updates with government statement)

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$1.5 trillion of earlier relief still hasn't been spent. Here's what's left .
Congress authorized $3.7 trillion in spending earlier this year to help address the economic crisis caused by the coronavirus pandemic. © ALEX EDELMAN/AFP/AFP via Getty Images The US Capitol building is seen in Washington, DC on December 18, 2019 as the US House of Representatives debates two articles of impeachment against the US president. (Photo by Alex Edelman / AFP) (Photo by ALEX EDELMAN/AFP via Getty Images) But about $1.5 trillion remains to be spent, according to the Committee for a Responsible Federal Budget, a fiscal watchdog group tracking the spending.

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