Economy

How a home-improvement aid is actually damaging Italy's social financial resources

.ONLY THINKING about it "gives me a tummy pain", said Italy's financial administrator, Giancarlo Giorgetti. He was describing a home-improvements aid that has actually developed into the fiscal substitute of Master Kong: a beast running amok, wreaking havoc on the nation's seldom-robust open profiles. On April 9th Mr Giorgetti uncovered that insurance claims of the subsidy, known as the "superbonus", made in the four years that the scheme has been actually operating, together with insurance claims of another that offsets the price of renovating fau00e7ades, would eventually drain pipes the treasury of EUR219bn ($ 233bn). That is actually practically 10% of Italy's GDP last year. Exactly how in the world did things reach this factor?