MILAN (AP) — The Italian government has approved a decree to pay 40 billion euros ($52 billion) owed by government entities to private businesses over the next 12 months to help relaunch Italy's stagnant economy.
Premier Mario Monti acknowledged Saturday after his caretaker government adopted the decree that overdue payments had become "a bad habit" that put a heavy burden on business owners.
State entities on an average pay their bills six months after services are rendered and some 90 days after the official due date, which Monti said put Italy behind Spain, Portugal and Greece.
Delayed government payments are a major factor behind liquidity shortages faced by many small and medium-sized Italian companies. Reduced turnover in the recession means many businesses, in turn, are having trouble keeping up with even small debts.
AP News - Offbeat humor and upbeat messages dominate Super Bowl 50 ads
Heroin: Blame It On America | Human Events
NARAL is furious that Doritos is 'humanizing fetuses' it its Super Bowl ad
Feminists vs. The Super Bowl Commercials | RedState
I suppose we should talk about that Doritos ultrasound ad
Kurt Schlichter - The Case for Donald Trump
Thief Who Stole More Than 85 Guns Receives Probation In Plea Deal