To avoid a chain of business bankruptcies, overwhelmed by the crisis caused by the Coronavirus, the Government must do more, as France and Germany are doing. This is what Assonime (the association of Italian joint-stock companies) claims in a letter sent by President Innocenzo Cipolletta to Prime Minister Giuseppe Conte and to Economy Minister Roberto Gualtieri.
While acknowledging that the decree 18/2020 issued in recent days by the Government in support of businesses, "goes in the right direction", Assonime believes that the intervention is "inadequate, in terms of size and application methods, to deal with the dramatic liquidity crisis that Italian companies are facing”.
Four requests that Assonime makes to the Government:
1) a substantial increase in the overall allocations to cover measures to support businesses through the banking sector; 2) the extension of the beneficiaries to all businesses, albeit within the context of a differentiation of instruments and measures; 3) raising the maximum guarantee coverage to 90% of the entire stock of outstanding loans; 4) the systematic application of the "first demand" principle to all the guarantees assumed by the Italian State.
Cipolletta concludes his letter by finally urging the maximum simplification of the procedures for accessing the state guarantee so that the extraordinary intervention to support businesses really reaches its destination.
