Economy

How a home-improvement subsidy is trashing Italy's public financial resources

.SIMPLY THINKING about it "gives me a tummy soreness", mentioned Italy's money administrator, Giancarlo Giorgetti. He was describing a home-improvements aid that has turned into the budgetary matching of Master Kong: a monster running riot, wreaking havoc on the nation's seldom-robust public profiles. On April 9th Mr Giorgetti uncovered that claims of the aid, referred to as the "superbonus", made in the four years that the system has actually been managing, alongside insurance claims of an additional that offsets the price of restoring fau00e7ades, will eventually drain the treasury of EUR219bn ($ 233bn). That is nearly 10% of Italy's GDP in 2014. Exactly how in the world did things come to this aspect?

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