Italian Prime Minister Giuseppe Conte speaks to the media at the Quirinale Presidential Palace in Rome August 29, 2019. — Reuters pic
“This is real firepower. I cannot remember such powerful measures being introduced in the history of our republic to help with the financing of our businesses,” Prime Minister Giuseppe Conte said at the end of a cabinet meeting. The Treasury will shield banks from losses on 90 per cent of loans to companies of all sizes, in a move expected to inject some €200 billion into the economy. The guarantee can be extended to 100 per cent of possible losses for loans not exceeding €25,000.
The liquidity package requires the Treasury to earmark around €30 billion on top of the previous €25 billion budgeted last month.
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