(C) Reuters. Italy adopts 25 billion euro package to help coronavirus-hit economy: source
ROME (Reuters) – Italy has adopted a decree worth 25 billion euros ($27.80 billion) to help support an economy battered by the worst outbreak of coronavirus in Europe, a government source on Monday following a cabinet meeting.
Italy recorded 368 deaths from COVID-19 on Sunday alone, easily the biggest daily toll ever recorded in any country, including China, and its hospitals are struggling to cope with the flow of new cases.
The decree aims to soften the blow to an economy virtually halted by the draconian measures put in place last week to try to stem the contagion. Schools, shops, restaurants and sporting events are closed, and Italians have been told to stay at home unless they have essential needs.
Among a raft of measures, the decree suspends debt payments for companies thanks to state guarantees for banks, and increases funds to help firms pay workers temporarily laid off due to the lockdown, according to a draft seen by Reuters.
Italy adopts 25 billion euro package to help coronavirus-hit economy: source
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.