Italy announces new stimulus package to revive virus-hit economy

As daily cases in Italy hit a new record 11,705 on Sunday, Conte said the situation had become critical but his government has been determined to avoid a repeat of the lockdown imposed at the start of the crisis in March.

Among measures to support the health and education system, the government will set up a 4 billion euro ($4.7 billion) fund to compensate companies worst hit by coronavirus lockdowns.

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But many industry groups are not impressed. "But they are the steps we can safely take that will make life a little bit easier". The statistics mean Victoria's coronavirus death count remains at 816 and the national toll is 904.

There is also money to extend short-term layoff schemes, to support families, to help the underdeveloped south and to make it cheaper to hire workers under 35 years of age.

After late-night cabinet deliberations on Saturday, the ruling coalition agreed a preliminary deal for its 2021 budget, a source told Reuters, with finer details of the deal to be confirmed at a later date. It has forecast a 9% economic contraction in 2020.

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Italy's budget deficit now equates to 10.8% of gross domestic product (GDP).

Expansionary measures in 2021 will total more than 39 billion euros ($45.70 billion), including some 15 billion euros of grants from the European Union's Recovery Fund, Economy Minister Roberto Gualtieri wrote on Facebook. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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