Italy aired plans Tuesday to allow residents to suspend mortgage and some tax payments to help families deal with a coronavirus outbreak that has killed 463 people and prompted the government to restrict movement for its 60 million citizens.
Ministers said they would also ask the EU to allow Rome to raise its deficit spending beyond the 7.5 billion euros (USD 8.5 billion) planned to help businesses hurt by a sharp drop in tourism over the past month.
The new family support measures are due to be unveiled in a government decree on Wednesday following a cabinet meeting.
"The measures (will apply) for all of Italy," Deputy Economy Minister Castelli said.
She said they could include "the suspension of the payment of (salary) withholdings and contributions" in order to help families during the economic downturn.
Some banks expect Italy's economy to contract by 1.0 per cent of national output between April and June.
"We are worried about this and for this reason we pushed the banking system to give as much as possible (on the) suspension of mortgages," she said.
"You will see the details in the next few hours."
Disclaimer: No Business Standard Journalist was involved in creation of this content