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ROME (Reuters) Italy caretaker government said it was delaying approval of a decree to pay back some 40 billion euros ($51 billion) of state debts to private firms, canada goose coats adding to the confusion already created by February deadlocked election.
Canada Goose Outlet Italy’s outgoing Prime Minister and leader of a coalition of centre parties Mario Monti (L) gestures as he speaks during a news conference in Rome March 6, 2013. REUTERS/Alessandro Bianchi Canada Goose Outlet
Canada Goose Jackets The legislation, which Mario Monti outgoing administration says can provide vital liquidity to cash strapped companies and help tackle a deep canada goose store recession, was scheduled to be approved at a cabinet meeting on Wednesday evening. Canada Goose Jackets
But a statement said the meeting would uk canada goose outlet be held the next few days after Economy Minister Vittorio Grilli and Industry Minister Corrado Passera out to the prime minister the need to reflect further before drawing up the decree.
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The massive backlog of unpaid bills owed by Italy public administration has been a longstanding source of complaint by companies which have struggled to raise credit from banks facing increasingly tight credit conditions themselves.
The government says settling the bills will provide a sorely needed cash injection for an economy now stuck in its longest recession for 20 years.
buy canada goose jacket cheap But it has proved difficult to find the money to pay the companies, most in the healthcare and construction sectors, which have total accumulated claims estimated by the Bank of Italy at some 90 billion euros at the end of 2011. buy canada goose jacket cheap
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He said in a television interview due to air on Rai 1 on Wednesday that the decree would not include any tax increases, and that it had only been delayed by a few Canada Goose online days.
canada goose deals He expected the canada goose factory sale first payments would be made to companies by mid May. canada goose deals
cheap Canada Goose Monti spent almost an hour on Wednesday outlining canada goose uk outlet the planned legislation to European Monetary Affairs Commissioner Olli Rehn and assured him Italy would respect the EU deficit limit of 3 percent of gross domestic product this year. cheap Canada Goose
But there was no sign he had canadian goose jacket managed to persuade Brussels to allow Italy to exempt the funds used to settle the bills from its deficit calculations, which could have given it some much needed breathing space.
OR DEATH Italy long running recession and the canada goose online 2 Canada Goose Outlet trillion canada goose uk shop euro public debt have severely limited the scope for any extra payouts, with edgy financial markets ready to punish cheap canada goose uk signs of slackening on commitments to shore up public finances.
buy canada goose jacket But with 15,000 firms put out of business since 2008 because of unpaid bills, according to skilled trades association CGIA Mestre, the cost of the late payments has hit prospects of economic recovery. buy canada goose jacket
canada goose The canada goose clearance government last month raised its deficit forecast for this year from 1.8 percent of GDP to 2.9 percent, just within the EU limits, of cheap Canada Goose which 0.5 percentage point is Canada Goose Coats On Sale due to the 20 billion set aside this year for settling the late payments. canada goose
canada goose coats The cabinet Canada Goose Online statement gave no buy canada goose jacket cheap further details although Graziano Delrio, head of uk canada goose local government association ANCI, said after a meeting with ministers that approval would come by Monday at the latest. canada goose coats
canada goose clearance Monti, who has been the target of constant sniping from across the political spectrum since his centrist alliance won only around 10 percent of the vote at February election, faced more criticism after the delay to the decree. canada goose clearance
canadian goose jacket Stefano Fassina, economics spokesman for the centre left Democratic party said Monti must explain his decision in parliament, while Luigi Casero of canada goose coats on sale the centre canada goose clearance sale right People of Freedom, called it grave. canadian goose jacket
Canada Goose online Monti told parliament last month that he wait to leave office, but the deadlock following the election has prevented him from stepping down because no other government canada goose uk black friday can canada goose be formed to replace him. Canada Goose online
Canada Goose sale Italy parliament is due to begin voting on April 18 to select a new president to replace Giorgio Napolitano, whose seven year term ends in mid May. Napolitano has struggled to break the deadlock, making it likely the next president will inherit the impasse. ($1 = 0.7783 euros) Canada Goose sale
canada goose clearance sale Additional reporting by Steve Scherer, Gavin Jones, Lisa Jucca in Milan and Jan Strupczewski in Brussels. Writing by Gavin Jones and James Mackenzie; editing by Ron Askew canada goose clearance sale.