Italy's banking lobby ABI will offer debt moratoriums to small firms and households grappling with the economic fallout of the crisis.
Italy has been the country most devastated by the coronavirus, after China. The death toll jumped from 366 to 463 on Monday. Laura Castelli, Italy’s deputy economy minister announced during an interview with Radio Anch’io that payments on mortgages will be suspended across Italy due to the coronavirus outbreak.
This comes on the heels of Prime Minister Giuseppe Conte ordered people to stay home and seek permission for essential travel only.
Italy’s banking lobby ABI said on Monday lenders representing 90% of total banking assets would offer debt moratoriums to small firms and households grappling with the economic fallout from Italy’s coronavirus outbreak.
The entire country is essentially on lockdown. People are only allowed to travel to and from work or other essential locations, and Italy residents can travel to work and for essential activity, and all public gatherings, including funerals and weddings, have been canceled. The food culture in the country are suffering as restaurants and bars must close at 6 p.m. every night.
“There will no longer be a ‘red zone’ — the whole of Italy will be a protected area," Italian Prime Minister Giuseppe Conte said Monday.
"We have to avoid moving around other than for emergencies or essential work reasons within designated areas," he added.