Monti Cabinet Approves 40 Billion-Euro Payment to Italian Firms
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Italian Prime Minister Mario Monti’s Cabinet approved the payment of 40 billion euros ($52 billion) owed by the government to private companies in an effort to spur a recovery in the recession-hit country.
“The payment will happen within 12 months,” Economic Development Minister Corrado Passera said at a press conference broadcast by SkyTG24 television today. The Cabinet also approved measures to contain the deficit to 2.9 percent of gross domestic product this year, according to an e-mailed statement.