ITALY OKs €55-B BAILOUT AFTER 2-MONTH LOCKDOWN

As they say, better late than never. Italy finally did what its neighbors and the US, China, Japan and Canada have done- approve a €55 billion ($59.6 billion) bailout package after shuttering the country for two months to prevent the spread of the dreaded COVID-19 pandemic.

The package, which follows an initial €25 billion assistance, is aimed at helping Italy's battered businesses and struggling families survive the medical crisis and it was finalized through a 500-page decree that was debated within Conte’s shaky coalition for a month, said Reuters on May 14, 2020.

The report, also carried by FRANCE 24, quoted Conte as saying: "We have worked on this decree aware that the country is in great difficulty." He added that the decree takes immediate effect. Rome has forecast that the economy will contract by at least 8% this year as a result of the epidemic, which has so far killed 31,106 people in Italy - the third-highest death toll in the world after the United States and Britain.

Italy has started relaxing tight restrictions on businesses and the movement of people, hoping that the economy will be on track for a modest recovery soon. "This decree provides the prerequisites so that this phase of reopening can immediately offer the prospect of an economic and social recovery," Conte concluded. #coronavirusimpact #COVID19