Italy: A wave of bankruptcies | All media content | DW | 17.04.2013
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European Journal

Italy: A wave of bankruptcies

Despite the ongoing euro crisis, the three major players in Italy’s parliament are still mired in gridlock. The stalemate is affecting the economy, and every day hundreds of small businesses are shutting their doors permanently.

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Private consumption is down, and businesses can no longer afford to pay their workers. Much of the blame also lies with the government, which owes private businesses about 100 billion euros for goods and services. The sole beneficiaries of the recession are auction houses, which are doing booming business.