Economy

How a home-improvement assistance is actually trashing Italy's public financial resources

.SIMPLY dealing with it "offers me a stomach pain", stated Italy's financial official, Giancarlo Giorgetti. He was describing a home-improvements aid that has actually turned into the financial matching of King Kong: a monster running amok, ruining the country's seldom-robust public accounts. On April 9th Mr Giorgetti uncovered that insurance claims of the aid, called the "superbonus", made in the 4 years that the system has been running, in addition to insurance claims of yet another that offsets the expense of renovating fau00e7ades, would eventually drain pipes the treasury of EUR219bn ($ 233bn). That is actually just about 10% of Italy's GDP in 2013. How in the world did things come to this point?