We deserve a smile ..."
With these words, Italy's Prime Minister Giuseppe Conte urged the country to celebrate the reopening of the country's regional borders on June 3. Unfortunately, there's very little to smile about, and nothing to celebrate. As it reopens, Italy is a country that has been worn out by the coronavirus. Consider the following numbers: During the three months under lockdown, 30% of the country's economy was halted, as was 35% of its workforce. The Bank of Italy says GDP could fall between 9% and 13% in 2020. Some 7 million workers have been furloughed, and up to a million could be fired by the end of the year. Some 60% of self-employed workers have already lost a third of their annual revenues. Four out of every 10 families struggle to keep up with mortgage payments, and four in five citizens applying for loans under 25,000 euros guaranteed by the state are being rejected by the banks.
Read Full Article »