Indebted Italy must spend 55 billion euros for recovery from pandemic

Italy will spend 55 billion euros to help people overcome the pandemic, Prime Minister Giuseppe Conte said on Wednesday. Most of the money will be spent on unemployment benefits and € 40,000 in recall bonuses for small businesses. Large companies will also benefit from corporate tax exemptions. The package comes despite Italy's high public debt levels. But EU officials have pointed out that Italy can break EU budgetary discipline rules in special circumstances.