Economy

How a home-improvement subsidy is actually wrecking Italy's public financial resources

.JUST thinking of it "gives me a belly ache", said Italy's money management official, Giancarlo Giorgetti. He was actually referring to a home-improvements subsidy that has developed into the fiscal matching of King Kong: a creature cutting loose, damaging the nation's seldom-robust public profiles. On April 9th Mr Giorgetti uncovered that cases of the assistance, called the "superbonus", created in the 4 years that the program has been actually operating, along with insurance claims of yet another that offsets the expense of restoring fau00e7ades, will eventually empty the treasury of EUR219bn ($ 233bn). That is nearly 10% of Italy's GDP last year. How in the world performed factors come to this factor?