Italy needs 50 billlion euros to save companies facing energy hikes

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Italy’s business association Confindustria appealed Monday for an aid package of 40 to 50 billion euros to prevent thousands of companies failing and mass job losses due to soaring energy prices.

“Without industry, there is no Italy. If we close thousands of companies, hundreds of thousands of jobs will be lost,” the lobby’s head Carlo Bonomi said in an interview with La Stampa daily.

Giorgia Meloni, who is set to lead Italy’s incoming government after her party won last month’s election, will “have to resort to other resources… if cannot count on European solidarity to reduce the energy bill”. Outgoing Prime Minister Mario Draghi’s government has already spent 66 billion euros to help families and businesses tackle the energy crisis, financed by higher-than-expected tax revenues.

 

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