9/17, 11:57 AM (Source: TeleTrader)
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EU approves €44B Italian aid scheme

The European Commission approved on Thursday a €44 billion recapitalization scheme for Italian large enterprises greatly affected by the coronavirus pandemic.

"This Italian recapitalization scheme will support large companies affected by the coronavirus outbreak by strengthening their capital base and facilitating their access to finance in these difficult times," the Commission's Executive Vice President Margrethe Vestager said, adding it will be "ultimately instrumental in supporting the Italian economy and labor market."

Italy has been one of the hardest-hit European countries by the pandemic, especially in the early stages of the outbreak, which left its toll on the country's economy. Previously, the EU's first-aid package approved in July was designed to help small and medium-sized enterprises affected by the coronavirus crisis.

Breaking the News / AM