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3/26, 11:27 AM (Source: TeleTrader)
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Conte: Hard, severe recession to hit Europe over coronavirus

Italian Prime Minister Giuseppe Conte said on Thursday that the coronavirus pandemic will cause a "hard and severe" recession that will affect the whole Europe.

Speaking to the country's parliament, Conte confirmed Italy is in favor of an EU debt instrument due to the outbreak but stressed he doesn't like the term coronabonds and thinks they should be called European Recovery bonds.

Italy has been severely hit by the virus as it reported more deaths than any other country and is expected to overtake China when it comes to the number of registered COVID-19 cases before the end of the week. The disease is impacting the country's economy as Conte ordered the closure of all production activities and businesses which don't produce essential goods during the pandemic.

Breaking the News / NP