Italy could spend up to EUR 16.0 bln on first stimulus - La Stampa

Dhwani Mehta FXStreet

According to the Italian daily, La Stamp, the Italian government is ready to spend about 15 to 15 billion euros to cushion the economic blow from the coronavirus emergency.

Further details

Today on the table of the Council of Ministers a new package of economic measures.

The possibility of a two-step intervention is evaluated.

Still in doubt the measures in favor of self-employed, seasonal workers and craftsmen.

A study on commercial rents is under consideration.

Italian Civil Protection Agency said on Thursday, the death toll from an outbreak of coronavirus in Italy has jumped in the last 24 hours by 189 to 1,016, a rise of 23%.

Meanwhile, French Finance Minister Bruno Le Maire said that the measures to soften the economic impact of the virus will cost dozens of billions of euros.

He added that they will remove the limits on state-financed compensation for workers put on a short working time scheme.

Trump's decision to close borders to Europeans is nonsense, Le Maire said.

EUR/USD reaction

Having failed to sustain the uptick above 1.1200, the EUR/USD pair extends losses towards the midpoint of the 1.11 handle, as the recovery in the risk sentiment dulls the demand for the safer option, the EUR.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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