Economy

How a home-improvement aid is ravaging Italy's public funds

.MERELY THINKING about it "provides me a stomach pain", pointed out Italy's money management official, Giancarlo Giorgetti. He was actually referring to a home-improvements assistance that has turned into the monetary equivalent of Master Kong: a monster running amok, damaging the nation's seldom-robust publicised profiles. On April 9th Mr Giorgetti disclosed that claims of the subsidy, known as the "superbonus", made in the four years that the system has been operating, in addition to insurance claims of another that offsets the cost of remodeling fau00e7ades, would ultimately drain pipes the treasury of EUR219bn ($ 233bn). That is virtually 10% of Italy's GDP in 2013. Just how in the world performed things come to this aspect?

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