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Squinzi says Italian business continues to feel despair

Signals of economic recovery remain weak, says business group

09 December, 14:12
Squinzi says Italian business continues to feel despair (ANSA) - Naples, December 9 - Italian businesses are continuing to despair and do not have optimism in the nascent economic recovery, Giorgio Squinzi, president of the big-business lobby group Confindustria, said Monday.

"The signals of recovery are weak and (businesses) cannot grasp these with any particular optimism," said Squinzi.

"Around businesses I see so much despair," he added.

Continued difficulties in obtaining credit, uncompetitive labour costs, and sluggish payments to businesses from government for work performed are all contributing to the despair felt by many businesses, said Squinzi.

The government of Premier Enrico Letta and some economists have predicted the Italian economy is likely already emerging from recession but that has not led to optimism.