Economy

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

.SIMPLY thinking of it "gives me a tummy ache", claimed Italy's financing administrator, Giancarlo Giorgetti. He was referring to a home-improvements aid that has actually developed into the financial substitute of King Kong: a creature running amok, damaging the nation's seldom-robust open accounts. On April 9th Mr Giorgetti exposed that cases of the subsidy, called the "superbonus", made in the four years that the program has been operating, in addition to insurance claims of yet another that offsets the expense of renovating fau00e7ades, will at some point drain pipes the treasury of EUR219bn ($ 233bn). That is virtually 10% of Italy's GDP last year. Just how on earth did points reach this factor?