Italy COVID-19 Crisis: Death toll is now the highest in the world at 10,023

Indeed, Italy now has the second-highest number of confirmed cases in the world after the United States (105,470). Total cases are 92,472 confirmed, marking up the highest death rate in the world. China is not far behind, the prior epicentre of the pandemic, which has a roughly similar number of confirmed cases at 81,997. However, the rate of death is Italy far surpasses China which is now 3,299, according to Johns Hopkins University and Medicine.

As Italy enters its sixth week of restrictions, the nations death toll is now the highest in the world at 10,023 and the fatalities this weekend are grim with numbers now increasing by 889 since the last figures were released on Friday, according to Italy's Civil Protection Agency.

The world is asking why the rate of death is so high in Italy, but it perhaps comes down to the nations large elderly population which is potentially more susceptible to the virus, and the method of testing that's not giving the full picture about infections. 

On Saturday, the Italian Prime Minister Giuseppe Conte said he had approved a new package of measures to help those worst hit by the coronavirus emergency, including supplying shopping vouchers and food packages.

Announcing in a news conference, Conte said that there would be 4.3 billion euros ($4.79 billion) made immediately available to mayors to deal with theirs citizens' needs and another 400 million would be provided in a special fund for "people who don't have the money to do their shopping." The aid was announced after the nation already approved a 25 billion euro stimulus package earlier this month and has promised another one of at least the same size in April.

Market implications

Markets are paying close attention to the levels of debt in the eurozone, zombie banks and a world pandemic which has forced the prospects of a global recession which could spark a financial crisis in the system, layered by corporate dent risks. 

Economy Minister Roberto Gualtieri, speaking at the same news conference, criticized the president of the European Commission, Ursula von der Leyen, for appearing to dismiss the need for issuance of common debt by European Union countries.

"The commission president's words were a mistake and I regret that she made them," he said, adding that Europe would need "a great Marshall Plan" to relaunch its economy after the coronavirus emergency is over.

EUR/USD update

EUR/USD Forecast: Further gains likely once above 1.1165