ROME – The government of Italy is soon to increase spending as a “massive shock therapy” in order to offset the coronavirus outbreak’s impact on the economy, according to the Italian Prime Minister on Monday.
“We will not stop here. We will use a massive shock therapy. To come out of this emergency we will use all human and economic resources.”
– Giuseppe Conte
Conte added that the Italian government would use the European budget rules flexibility “in full”.
Last week, Italy’s Economy Minister Roberto Gualtieri pledged an amount of 7.5 billion euros to aid the economy in withstanding the coronavirus outbreak in Europe, bringing up the budget deficit goal from 2.2% to 2.5% of the national output.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.