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Crisis could kill 250,000 businesses, says Confcommercio

Almost four in ten families worried about debt, says survey

18 April, 17:39
Crisis could kill 250,000 businesses, says Confcommercio (ANSA) - Rome, April 18 - Almost four in 10 Italian families fear they won't have the money to pay their mortgage while at the same time, 250,000 companies are at risk of shutting their doors.

Such are some of the results of the ongoing economic crisis in Europe that has hit recession-plagued Italy very hard, Carlo Sangalli, president of Confcommercio, said Thursday.

His group released the results of a survey taken on some of the impacts of the crisis, and called on government to do more to support families and businesses.

"This long crisis is deleting the most vital part of the country," which is its entrepreneurs, said Sangalli, whose group represents Italian business.

Up to 250,000 operations could be forced to close this year and many more are losing hope, said Sangalli.

Making matters worse, 11 million Italian households have been forced to slash spending and are frightened they won't be able to pay Italy's rising taxes.

They're especially worried about a hike in the VAT scheduled for July, and are tightening their spending accordingly, he said.